<SEC-DOCUMENT>0001104659-23-127342.txt : 20231219
<SEC-HEADER>0001104659-23-127342.hdr.sgml : 20231219
<ACCEPTANCE-DATETIME>20231219163025
ACCESSION NUMBER:		0001104659-23-127342
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		13
CONFORMED PERIOD OF REPORT:	20231214
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20231219
DATE AS OF CHANGE:		20231219

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ARES CAPITAL CORP
		CENTRAL INDEX KEY:			0001287750
		ORGANIZATION NAME:           	
		IRS NUMBER:				331089684
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00663
		FILM NUMBER:		231497765

	BUSINESS ADDRESS:	
		STREET 1:		245 PARK AVENUE, 44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
		BUSINESS PHONE:		2127507300

	MAIL ADDRESS:	
		STREET 1:		245 PARK AVENUE, 44TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10167
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<p style="margin: 0">&#160;</p>

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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>UNITED STATES</b></p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>WASHINGTON, DC 20549</b></p>




<p style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>FORM&#160;<span id="xdx_90A_edei--DocumentType_c20231214__20231214_zBfEqXmvyMAj"><ix:nonNumeric contextRef="AsOf2023-12-14" name="dei:DocumentType">8-K</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>CURRENT REPORT</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Pursuant to Section&#160;13 or 15(d)&#160;of
the</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>&#160;</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>Securities Exchange Act of 1934</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Date of report (Date of earliest event
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<p style="font: 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b><span id="xdx_90B_edei--EntityRegistrantName_c20231214__20231214_zCV19Wg0RUF6"><ix:nonNumeric contextRef="AsOf2023-12-14" name="dei:EntityRegistrantName">ARES CAPITAL CORPORATION</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Registrant&#8217;s telephone number, including
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Former Name or Former Address, if Changed
Since Last Report)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">Check the appropriate box below if the
Form&#160;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions
(see General Instruction A.2. below):</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-indent: 0.25in"><span style="font-family: Wingdings"><span id="xdx_90D_edei--WrittenCommunications_c20231214__20231214_zizmUJBxwgh2"><ix:nonNumeric contextRef="AsOf2023-12-14" format="ixt:booleanfalse" name="dei:WrittenCommunications">&#168;</ix:nonNumeric></span></span>&#160;&#160;&#160;
Written communications pursuant to Rule&#160;425 under the Securities Act (17 CFR 230.425)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-indent: 0.25in"><span style="font-family: Wingdings"><span id="xdx_906_edei--SolicitingMaterial_c20231214__20231214_zrXv0OXcEygd"><ix:nonNumeric contextRef="AsOf2023-12-14" format="ixt:booleanfalse" name="dei:SolicitingMaterial">&#168;</ix:nonNumeric></span></span>&#160;&#160;&#160; Soliciting material pursuant to Rule&#160;14a-12
under the Exchange Act (17 CFR 240.14a-12)</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-indent: 0.25in"><span style="font-family: Wingdings"><span id="xdx_905_edei--PreCommencementTenderOffer_c20231214__20231214_zfkliOBIMch5"><ix:nonNumeric contextRef="AsOf2023-12-14" format="ixt:booleanfalse" name="dei:PreCommencementTenderOffer">&#168;</ix:nonNumeric></span></span>&#160;&#160;&#160; Pre-commencement communications pursuant to
Rule&#160;14d-2(b)&#160;under the Exchange Act (17 CFR 240.14d-2(b))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0; font-size: 10pt; text-indent: 0.25in"><span style="font-family: Wingdings"><span id="xdx_904_edei--PreCommencementIssuerTenderOffer_c20231214__20231214_zwzQAtkVxzn"><ix:nonNumeric contextRef="AsOf2023-12-14" format="ixt:booleanfalse" name="dei:PreCommencementIssuerTenderOffer">&#168;</ix:nonNumeric></span></span>&#160;&#160;&#160; Pre-commencement communications pursuant to
Rule&#160;13e-4(c)&#160;under the Exchange Act (17 CFR 240.13e-4(c))</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Securities registered pursuant to Section&#160;12(b)&#160;of
the Act:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0">Indicate by check mark whether the registrant
is an emerging growth company as defined in as defined in Rule&#160;405 of the Securities Act of 1933 (&#167; 230.405 of this chapter)
or Rule&#160;12b-2 of the Securities Exchange Act of 1934 (&#167; 240.12b-2 of this chapter).</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin: 0pt 0 0pt 0in; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: left; text-indent: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section&#160;13(a)&#160;of the Exchange
Act.&#160;<span style="font-family: Wingdings">&#168;</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="margin-top: 0pt; margin-bottom: 0pt"></p>

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<p style="margin-top: 0pt; margin-bottom: 0pt">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Item 1.01 Entry into a Material Definitive Agreement.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><i>Sixth Amendment to Ares Capital BNP Funding Facility</i></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December&#160;14, 2023, Ares Capital Corporation (the &#8220;Company&#8221;) and ARCC FB Funding LLC, a wholly owned subsidiary of the
Company (&#8220;AFB LLC&#8221;), amended the document governing AFB LLC&#8217;s revolving funding facility (the &#8220;BNP Funding Facility&#8221;)
by entering into a Sixth Amendment to the Revolving Credit and Security Agreement (the &#8220;BNP Amendment&#8221;).&#160;The BNP Amendment
among other things (a)&#160;increased the commitments under the BNP Funding Facility from $790 million to $865 million and (b)&#160;modified
certain concentration limitations and the eligible loan criteria. </span>The other terms of the BNP Funding Facility remained materially
unchanged.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The description above is only a summary of the
material provisions of the BNP Amendment and is qualified in its entirety by reference to a copy of the BNP Amendment, which is filed
as Exhibit&#160;10.1 to this current report on Form&#160;8-K and incorporated by reference herein.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Item 2.03 Creation of a Direct Financial Obligation or an Obligation
under an Off-Balance Sheet Arrangement of a Registrant.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">The information set forth in Item 1.01 is incorporated
by reference into this Item 2.03.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><b><span style="text-decoration: underline">Item 9.01 Financial Statements and Exhibits.</span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="border-bottom: black 1pt solid; text-align: center; width: 86%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Description</b></span></td></tr>
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    <td style="vertical-align: top"><a href="tm2333163d1_ex10-1.htm"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sixth Amendment to the Revolving Credit and Security Agreement, dated as of December&#160;14, 2023, among ARCC FB Funding LLC, as borrower, the lenders from time to time parties thereto, BNP Paribas, as administrative agent and lender, the Company, as equityholder and servicer, and U.S. Bank National Association, as collateral agent</span></a></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><b>SIGNATURE</b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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    <td style="border-bottom: black 1pt solid"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Penni F. Roll</span></td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#160;</p>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&#8239;10.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>EXECUTION VERSION</I></B></P>


<P STYLE="margin: 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">This SIXTH AMENDMENT TO THE
REVOLVING CREDIT AND SECURITY AGREEMENT (this &ldquo;<U>Amendment</U>&rdquo;), dated as of December&#8239;14, 2023 (the &ldquo;<U>Amendment
Date</U>&rdquo;), is entered into by and among <FONT STYLE="text-transform: uppercase">ARCC FB FUNDING LLC</FONT>, a Delaware limited
liability company, as the borrower (the &ldquo;<U>Borrower</U>&rdquo;), the LENDERS party to the Revolving Credit Agreement, BNP PARIBAS,
as the administrative agent (the &ldquo;<U>Administrative Agent</U>&rdquo;), <FONT STYLE="text-transform: uppercase">ARES CAPITAL CORPORATION,
</FONT>a Maryland corporation, as the equityholder (in such capacity, the &ldquo;<U>Equityholder</U>&rdquo;), <FONT STYLE="text-transform: uppercase">ARES
CAPITAL CORPORATION, </FONT>a Maryland corporation, as the servicer (in such capacity, the &ldquo;<U>Servicer</U>&rdquo;), and U.S. BANK
TRUST COMPANY, NATIONAL ASSOCIATION, as successor in interest to U.S. Bank National Association, as collateral agent (the &ldquo;<U>Collateral
Agent</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Borrower, the
lenders from time to time party thereto, the Administrative Agent, the Equityholder, the Servicer and the Collateral Agent are party
to the Revolving Credit and Security Agreement, dated as of June&#8239;11, 2020 (as amended from time to time prior to the date hereof,
the &ldquo;<U>Revolving Credit Agreement</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the Relevant Recipients
(as defined in Appendix A hereto) have received from the Borrower the transaction summary as set out in Schedule 10 in Appendix A hereto
in accordance with Article&#8239;7(1)(c)&#8239;of the Securitisation Regulation; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">WHEREAS, the parties hereto
desire to amend the Revolving Credit Agreement, in accordance with Section&#8239;13.01(b)&#8239;of the Revolving Credit Agreement subject
to the terms and conditions set forth herein.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">NOW THEREFORE, in consideration
of the foregoing premises and the mutual agreements contained herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&#8239;I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Definitions</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&#8239;1.1.</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Defined
Terms</U>. Terms used but not defined herein have the respective meanings given to such terms in the Revolving Credit Agreement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&#8239;II</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Amendments to Revolving Credit Agreement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&#8239;2.1.</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">As
of the Amendment Date, the Revolving Credit Agreement is hereby amended to delete the stricken text (indicated textually in the same
manner as the following example: <FONT STYLE="color: red"><STRIKE>stricken text</STRIKE></FONT>) and to add the bold and double-underlined
text (indicated textually in the same manner as the following example: <FONT STYLE="text-decoration: underline double; color: blue"><B>bold
and double-underlined text</B></FONT>) as set forth on the pages&#8239;attached as <U>Appendix A</U> hereto.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&#8239;III</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Representations and Warranties</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&#8239;3.1.</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Borrower and the Equityholder hereby represent and warrant to the Administrative Agent and the Lender that, as of the Amendment Date,
(i)&#8239;no Default, Event of Default, Potential Servicer Removal Event or Servicer Removal Event has occurred and is continuing or shall
occur on the Amendment Date after giving effect to this Amendment and the transaction contemplated hereby and (ii)&#8239;the representations
and warranties of the Borrower, the Servicer and the Equityholder contained in Sections 4.01, 4.02 and 4.03 of the Revolving Credit Agreement
are true and correct in all material respects on and as of the Amendment Date (other than any representation and warranty that is made
as of a specific date); <U>provided</U> that, to the extent that any such representation and warranty is otherwise qualified by materiality
or Material Adverse Effect, such representation and warranty shall be true and correct in all respects.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>ARTICLE&#8239;IV</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><U>Conditions Precedent</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&#8239;4.1.</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">This
Amendment will be effective upon the satisfaction of each of the following conditions:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
execution and delivery of this Amendment by the Borrower, the Lenders, the Administrative Agent, the Equityholder and the Servicer;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;all
fees due and owing to the Administrative Agent and each Lender on or prior to the Amendment Date have been paid;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">all
fees of counsel to the Administrative Agent invoiced prior to the Amendment Date have been paid; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Administrative Agent shall have received the executed legal opinion of Latham&#8239;&amp; Watkins LLP, counsel to the Borrower, in form
and substance acceptable to the Administrative Agent in its reasonable discretion.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>ARTICLE&#8239;V</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>&#8239;</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B></B></FONT><U>Miscellaneous</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&#8239;5.1.</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Governing
Law</U>. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AMENDMENT AND ANY CLAIM, CONTROVERSY, DISPUTE OR CAUSE
OF ACTION (WHETHER IN CONTRACT OR TORT OR OTHERWISE) BASED UPON, ARISING OUT OF OR RELATING TO THIS AMENDMENT OR ANY OTHER FACILITY DOCUMENT
(EXCEPT, AS TO ANY OTHER FACILITY DOCUMENT, AS EXPRESSLY SET FORTH THEREIN) AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY SHALL
BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&#8239;5.2.</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Severability
Clause</U>. In case any provision in this Amendment is deemed to be invalid, illegal or unenforceable, the validity, legality, and enforceability
of the remaining provisions shall not in any way be affected or impaired thereby.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&#8239;5.3.</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Ratification</U>.
Except as expressly amended hereby, the Revolving Credit Agreement is in all respects ratified and confirmed and all the terms, conditions
and provisions thereof will remain in full force and effect. All obligations under the Revolving Credit Agreement (as such obligations
may be modified by this Amendment on the Amendment Date) shall continue to be valid, enforceable, and in full force and effect and shall
not be impaired, in any respect, by the effectiveness of this Amendment. This Amendment shall form a part of the Revolving Credit Agreement
for all purposes and reference to this specific Amendment need not be made in the Revolving Credit Agreement or any other instrument
or document executed in connection therewith, or in any certificate, letter or communication issued or made pursuant to or with respect
to the Revolving Credit Agreement, any reference in any of such items to the Revolving Credit Agreement being sufficient to refer to
the Revolving Credit Agreement as amended hereby. On and after the effectiveness of this Amendment, this Amendment shall for all purposes
constitute a &ldquo;Facility Document&rdquo; and each reference in the Revolving Credit Agreement to &ldquo;herein&rdquo;, &ldquo;hereunder&rdquo;
or words of like import referring to the Revolving Credit Agreement and each reference in any other Facility Document to &ldquo;Revolving
Credit Agreement&rdquo;, &ldquo;thereunder&rdquo;, &ldquo;thereof&rdquo; or words of like import referring to the &ldquo;Revolving Credit
Agreement&rdquo; shall mean and be a reference to the Revolving Credit Agreement as amended hereby. The execution, delivery and performance
of this Amendment shall not constitute a waiver of any provision of or operate as a waiver of any right, power or remedy under the Revolving
Credit Agreement or any of the other Facility Documents. This Amendment shall not constitute a novation of the obligations and liabilities
of the parties under the Revolving Credit Agreement or the other Facility Documents as in effect on or prior to the Amendment Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&#8239;5.4.</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Counterparts</U>.
The parties hereto may sign one or more copies of this Amendment in counterparts, all of which together constitute one and the same agreement.
Delivery of an executed signature page&#8239;of this Amendment by facsimile or email transmission (including electronic signature pursuant
to and in accordance with the Revolving Credit Agreement) is effective as delivery of a manually executed counterpart hereof. This Amendment
shall be valid, binding, and enforceable against a &lrm;party when executed and delivered by &lrm;an authorized individual on behalf
of such party by means of &lrm;&lrm;(i)&#8239;an original manual signature; (ii)&#8239;a faxed, &lrm;scanned, or photocopied manual signature;
or (iii)&#8239;any &lrm;other electronic signature permitted by the federal &lrm;Electronic Signatures in Global and National &lrm;Commerce
Act, state enactments of the Uniform Electronic &lrm;Transactions Act, and/or any other &lrm;relevant electronic signatures law, including
any relevant provisions of &lrm;the UCC &lrm;(collectively, &lrm;&lrm;&ldquo;<U>Signature Law</U>&rdquo;), in each case to the extent
 &lrm;applicable; <U>provided</U> that no electronic signatures may be affixed through the use of a third-party service provider. Each
faxed, scanned, or photocopied &lrm;manual signature, or other electronic signature, shall for &lrm;all purposes have the same validity,
legal &lrm;effect, and admissibility in evidence as an original manual &lrm;signature. Each party hereto shall be &lrm;entitled to conclusively
rely upon, and shall have no liability with &lrm;respect to, any faxed, scanned, or &lrm;photocopied manual signature, or other electronic
signature, of any &lrm;other party and shall have no &lrm;duty to investigate, confirm or otherwise verify the validity or authenticity
 &lrm;thereof. For the avoidance of &lrm;doubt, original manual signatures shall be used for execution or indorsement of &lrm;writings
when &lrm;required under the UCC or other Signature Law due to the character or intended character &lrm;of the &lrm;writings.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&#8239;5.5.</FONT>&#9;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Headings</U>.
The headings of the Articles and Sections in this Amendment are for convenience of reference only and are not deemed to alter or affect
the meaning or interpretation of any provisions hereof.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">SECTION&#8239;5.6.</FONT>&#9;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Direction
to Execute</U>. The Administrative Agent hereby authorizes and directs the Collateral Agent to execute this Amendment.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Pages&#8239;Follow]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">IN WITNESS WHEREOF, the parties
hereto have caused this Amendment to be duly executed as of the Amendment Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD COLSPAN="2"><B>BORROWER:</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD COLSPAN="2"><B>ARCC FB FUNDING LLC</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Ian Fitzgerald</TD></TR>
                                     <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Name: Ian Fitzgerald</TD></TR>
                                     <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Title: Authorized Signatory</TD></TR>
                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Sixth Amendment to Revolving Credit and Security
Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD COLSPAN="2"><B>EQUITYHOLDER:</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD COLSPAN="2"><B>ARES CAPITAL CORPORATION</B>,<BR> as Equityholder</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Ian Fitzgerald</TD></TR>
                                                                                 <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Name: Ian Fitzgerald</TD></TR>
                                                                                 <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Title: Authorized Signatory</TD></TR>
                                                                                 </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 3.25in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD COLSPAN="2"><B>SERVICER:</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD COLSPAN="2"><B>ARES CAPITAL CORPORATION</B>,<BR> as Servicer</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Ian Fitzgerald</TD></TR><TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Name: Ian Fitzgerald</TD></TR>
                                                                                 <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Title: Authorized Signatory</TD></TR>
                                                                                 </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Sixth Amendment to Revolving Credit and Security
Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD COLSPAN="2"><B>ADMINISTRATIVE AGENT:</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD COLSPAN="2"><B>BNP PARIBAS,</B><BR> as Administrative Agent</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Meredith Middleton</TD></TR><TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Name: Meredith Middleton</TD></TR>
                                                                              <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Title: Managing Director</TD></TR>
                                                                              </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Sohaib Naim</TD></TR><TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Name: Sohaib Naim</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Title: Director</TD></TR>
                                                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD COLSPAN="2"><B>LENDER:</B></TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD COLSPAN="2"><B>BNP PARIBAS</B>,<BR> as Lender</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Meredith Middleton</TD></TR><TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Name: Meredith Middleton</TD></TR>
                                                                              <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Title: Managing Director</TD></TR>
                                                                              </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Sohaib Naim&#8239;</TD></TR><TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Name: Sohaib Naim</TD></TR>
                                                                     <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Title: Director</TD></TR>
                                                                     </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Sixth Amendment to Revolving Credit and Security
Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&#8239;</TD>
<TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>STATE STREET BANK AND TRUST COMPANY</B></FONT>,<BR> as a
Lender</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Paul Gianatassio</TD></TR><TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Name: Paul Gianatassio</TD></TR>
                                                                           <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Title: Vice President</TD></TR>
                                                                           </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Sixth Amendment to Revolving Credit and Security
Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>U.S. BANK TRUST COMPANY, NATIONAL ASSOCIATION</B></FONT>,<BR>
               as Collateral Agent</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>&#8239;</TD></TR>
                                                                                                                                          <TR STYLE="vertical-align: top">
<TD STYLE="width: 50%"></TD><TD STYLE="width: 3%">By:</TD><TD STYLE="border-bottom: Black 1pt solid; width: 47%">/s/ Ralph J. Creasia,&#8239;Jr.</TD></TR><TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Name: Ralph J. Creasia,&#8239;Jr.</TD></TR>
                                                                                  <TR STYLE="vertical-align: top">
<TD>&#8239;</TD><TD>&#8239;</TD><TD>Title: Senior Vice President</TD></TR>
                                                                                  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Signature Page to Sixth Amendment to Revolving Credit and Security
Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">APPENDIX A</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">[Revolving Credit Agreement]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B><I>EXECUTION
VERSION</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&#8239;</P>

<P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt"><B>Conformed through <FONT STYLE="color: red"><STRIKE>Fifth</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Sixth</FONT>
Amendment, dated <FONT STYLE="color: red"><STRIKE>April&#8239;20</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue"><U>Decembe</U>r&#8239;14</FONT>,
2023</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">REVOLVING CREDIT AND SECURITY AGREEMENT</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">among</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">ARCC FB FUNDING LLC,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">as Borrower,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">THE LENDERS FROM TIME TO TIME
PARTIES HERETO,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">BNP PARIBAS,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">as Administrative Agent,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">ARES CAPITAL CORPORATION,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">as Equityholder,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">ARES CAPITAL CORPORATION,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">as Servicer,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; color: #010101">U.S. BANK TRUST COMPANY,
NATIONAL ASSOCIATION,</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt; color: #010101">as Collateral Agent</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; color: #010101">Dated as of June&#8239;11, 2020</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010101">THIS AGREEMENT PROVIDES FOR AN UNCOMMITTED FACILITY.
ALL ADVANCES ARE DISCRETIONARY ON THE PART&#8239;OF THE LENDERS IN THEIR SOLE AND ABSOLUTE DISCRETION.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="border-top: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <TD STYLE="width: 12%">&#8239;</TD>
    <TD STYLE="width: 83%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">TABLE OF CONTENTS</FONT></TD>
    <TD STYLE="text-align: right; width: 5%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101"><U>Page</U></FONT></TD></TR>
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    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
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    <TD>&#8239;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">ARTICLE&#8239;I</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">DEFINITIONS; RULES OF CONSTRUCTION; COMPUTATIONS</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;1.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Definitions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">1</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;1.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Rules&#8239;of Construction</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">54</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;1.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Computation of Time Periods</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">55</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;1.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Collateral Value Calculation Procedures</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">55</FONT></TD></TR>
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    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
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    <TD>&#8239;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">ARTICLE&#8239;II</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">ADVANCES</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
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    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Revolving Credit Facility</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">57</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Requests for Collateral Loan Approval</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">58</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Making of the Advances</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">59</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Evidence of Indebtedness</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">60</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Payment of Principal and Interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">61</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Prepayment of Advances</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">61</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Changes of Individual Lender Maximum Funding
Amounts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">62</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Maximum Lawful Rate</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">63</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Several Obligations</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">63</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Increased Costs</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">63</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Compensation; Breakage Payments</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">64</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Inability to Determine Rates</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">65</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Rescission or Return of Payment</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">65</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Post-Default Interest</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">66</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Payments Generally</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">66</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>Extension of Facility Termination
    Date</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double; color: blue">[Reserved]</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">67</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Defaulting Lenders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">67</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;2.18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Benchmark Replacement Setting</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">68</FONT></TD></TR>
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    <TD>&#8239;</TD>
    <TD>&#8239;</TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">ARTICLE&#8239;III</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">CONDITIONS PRECEDENT</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;3.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Conditions Precedent to Initial Advance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">72</FONT></TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;3.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Conditions Precedent to Each Advance</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">74</FONT></TD></TR>
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    <TD STYLE="width: 12%">&#8239;</TD>
    <TD STYLE="width: 83%; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">ARTICLE&#8239;XIII</FONT></TD>
    <TD STYLE="text-align: right; width: 5%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">MISCELLANEOUS</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
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    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.01</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">No Waiver; Modifications in Writing</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">135</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.02</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Notices, Etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">136</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.03</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Taxes</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">137</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.04</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Costs and Expenses; Indemnification</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">141</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.05</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Execution in Counterparts</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">143</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.06</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Assignability</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">143</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.07</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Governing Law</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">145</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.08</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Severability of Provisions</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">145</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.09</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Confidentiality</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">146</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Merger</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">146</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.11</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Survival</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">146</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.12</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Submission to Jurisdiction; Waivers; Etc.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">147</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.13</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Waiver of Jury Trial</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">148</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.14</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Right of Setoff; Payments <I>Pro Rata</I></FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">148</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.15</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">PATRIOT Act Notice</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">149</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.16</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Legal Holidays</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">149</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.17</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Non-Petition</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">149</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.18</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Waiver of Setoff</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">150</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.19</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Collateral Agent Execution and Delivery</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">150</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.20</FONT></TD>
    <TD> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Acknowledgement and Consent to Bail-In of Affected
Financial</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Institutions</FONT></TD>
    <TD STYLE="text-align: right">150</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.21</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">WAIVER OF SOVEREIGN IMMUNITY</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">150</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.22</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Securitisation Regulation Requirements</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">151</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.23</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Adequacy of Monetary Damages Against the Lenders</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">152</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Section&#8239;13.24</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">EU Transparency Requirements.</FONT></TD>
    <TD STYLE="text-align: right"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">152</FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&#8239;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 15%">&#8239;</TD>
    <TD STYLE="text-align: center; width: 80%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">SCHEDULES</FONT></TD>
    <TD STYLE="text-align: right; width: 5%">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&#8239;</TD>
    <TD STYLE="text-align: center">&#8239;</TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Schedule 1</FONT></TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>Initial </STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Individual Lender Maximum Funding Amounts and Percentages</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Schedule 2</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>[Reserved]</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: blue"><U>Prohibite</U>d Loans</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Schedule 3</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Initial Collateral Loans</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Schedule 4</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Industry Classifications</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Schedule 5</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Notice Information</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Schedule 6</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Authorized Signatories</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Schedule 7</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Diversity Score</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Schedule 8</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">[Reserved]</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Schedule 9</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Initial Asset List</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Schedule 10</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: #010101">Transaction Summary</FONT></TD>
    <TD STYLE="text-align: right">&#8239;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font-size: 10pt"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="padding-left: 0.25in; width: 33%">-iv-</TD><TD STYLE="width: 34%">&nbsp;</TD><TD STYLE="width: 33%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Administrative
Agent Fee Letter</U>&rdquo; means that certain fee letter, dated as of the Closing Date, by and among the Administrative Agent, the Structuring
Agent, the Borrower and the Servicer, as amended or supplemented from time to time.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Administrative
Expense Cap</U>&rdquo; means, for any Payment Date, an amount not to exceed $225,000 for any twelve (12) month period.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Administrative
Expenses</U>&rdquo; means the fees and expenses (including indemnities) and other amounts of the Borrower due or accrued with respect
to any Payment Date and payable in the following order:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101"><I>first</I>,
on a <I>pro rata </I>basis, to the Collateral Agent, the Custodian and the Securities Intermediary, any amounts and indemnities payable
to such entities pursuant to the Facility Documents (including any amounts payable in connection with the EU Transparency Reporting Side
Letter Agreement);</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)</FONT><FONT STYLE="color: #010101"><I>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;second</I>,
on a <I>pro rata </I>basis, to:</FONT></P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">the
Independent Accountants, agents (other than the Servicer) and outside counsel of the Borrower for fees and expenses related to the Collateral
and the Facility Documents and to the Independent Director of the Borrower for its fees and expenses incurred in acting in such capacity;
and</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">to
any rating agency for fees and expenses in connection with the rating of (or provision of credit estimates in respect of) any Collateral
Loan; and</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101"><I>third</I>,
to the payment of any expenses of obtaining documents, reports or information to enable compliance by any Lender with Article&#8239;5 of
the</FONT> <FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">applicable</FONT> <FONT STYLE="font-size: 10pt; color: #010101">Securitisation</FONT>
<FONT STYLE="font-size: 10pt; color: red"><STRIKE>Regulation</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">Regulations</FONT>
<FONT STYLE="font-size: 10pt; color: #010101">(other than the amounts specified in clause (a)&#8239;above).</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Advance</U>&rdquo;
means each loan advanced by each Lender to the Borrower on a Borrowing Date pursuant to Article&#8239;II.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Advance
Rate</U>&rdquo; means, with respect to any Collateral Loan, the percentage set forth in the below table corresponding to the Loan Type
and Loan Class&#8239;of such Collateral Loan, subject to the exceptions and adjustments set forth immediately following such table:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 10pt; text-align: center">&#8239;</TD><TD STYLE="font-size: 10pt">&#8239;</TD>
    <TD STYLE="font-size: 10pt; text-align: center">&#8239;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101; text-align: center">Advance</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; color: #010101; text-align: center">Loan Type</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101; padding-bottom: 1pt">&#8239;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101; text-align: center; border-bottom: Black 1pt solid">Loan Class</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101; padding-bottom: 1pt">&#8239;</TD>
    <TD COLSPAN="2" STYLE="font: bold 10pt Times New Roman, Times, Serif; color: #010101; text-align: center; border-bottom: Black 1pt solid">Rate</TD><TD STYLE="padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="width: 64%; font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">First Lien Loans that are not Recurring Revenue Loans&#9;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="width: 17%; font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">Class&#8239;1 Loans</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">&#8239;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: right">65</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">Class&#8239;2 Loans&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: right">62.5</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font-size: 10pt">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">Class&#8239;3 Loans&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: right">60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">First Lien Last Out Loans&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">Class&#8239;1 Loans&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: right">55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">Class&#8239;2 Loans&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: right">55</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">Class&#8239;3 Loans&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: right">50</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">%</TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; color: #010101">Portfolio
Advance Rate Adjustment as of such date and (iii)&#8239;the aggregate sale price (expressed in Dollars) of the Sale Settlement Pending
Collateral as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Borrowing
Base Calculation Statement</U>&rdquo; means a statement in substantially the form attached to the form of Notice of Borrowing attached
hereto as Exhibit&#8239;B, as such form of Borrowing Base Calculation Statement may be modified as mutually agreed by the Administrative
Agent and the Borrower from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; color: #010101">&ldquo;<U>Borrowing Date</U>&rdquo; means the
date of an Advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Business
Day</U>&rdquo; means (a)&#8239;any day of the year except a Saturday, Sunday or other day on which commercial banks in New York City, Boston,
Massachusetts, St. Paul, Minnesota, Florence, South Carolina or the city in which the offices of the Collateral Agent, the Custodian or
the Securities Intermediary are located are authorized or required by law to close or (b)&#8239;if any day relates to an interest rate
setting as to an Advance determined by reference to Term SOFR Reference Rate, a U.S. Government Securities Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>CAD
Collection Account</U>&rdquo; means the single, segregated account with respect to Collections in Canadian Dollars at the Securities Intermediary
in the name of the Borrower subject to the lien of the Collateral Agent for the benefit of the Secured Parties.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; color: #010101">&ldquo;<U>Canadian Dollars</U>&rdquo; means
the lawful currency of Canada.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Cash</U>&rdquo; means Dollars immediately
available on the day in question.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Certificated Security</U>&rdquo; has the meaning specified in Section&#8239;8-102(a)(4)&#8239;of
the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Change in Law</U>&rdquo; means
(a)&#8239;the adoption of any law, rule&#8239;or regulation after the <FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">Closing
Date, (b)&#8239;any change in any law, rule&#8239;or regulation or in the interpretation or application thereof by any Governmental
Authority after the Closing Date or (c)&#8239;compliance by any Lender (or, for purposes of Section&#8239;2.10(b), by any lending
office of such Lender or by such Lender&rsquo;s holding company, if any) with any request, guideline or directive (whether or not
having the force of law) of any Governmental Authority made or issued after the Closing Date; <U>provided</U> that, notwithstanding
anything herein to the contrary, (x)&#8239;the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines, requirements or directives thereunder or issued in connection therewith or in implementation thereof, (y)&#8239;the
Securitisation </FONT><FONT STYLE="color: red"><STRIKE>Regulation</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Regulations </FONT><FONT STYLE="color: #010101">and
all rules&#8239;promulgated thereunder and (z)&#8239;all requests, rules, guidelines, requirements or directives promulgated by the
Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or similar authority) or the United
States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a &ldquo;Change in
Law&rdquo; hereunder regardless of the date of effectiveness.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Change
of Control</U>&rdquo; means an event or series of events by which (A)(i)&#8239;the Equityholder or its Affiliates, collectively, ceases
to possess, directly or indirectly, the right to elect or appoint (through contract, ownership of voting securities, or otherwise) directors
that at all times have a majority of the votes of the board of directors (or similar governing body) of the Borrower or to direct the
management policies and decisions of the Borrower or (ii)&#8239;the</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Collection
Period Start Date</U>&rdquo; means the first calendar day of each month of each year (or, if any such date is not a Business Day, the
immediately succeeding Business Day), commencing in July&#8239;2020.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Collections</U>&rdquo;
means all cash collections, distributions, payments or other amounts received, or to be received, by the Borrower from any Person in respect
of any Collateral Loan constituting Collateral, including all principal, interest, fees, distributions and redemption and withdrawal proceeds
payable to the Borrower under or in connection with any such Collateral Loans and all Proceeds from any sale or disposition of any such
Collateral Loans.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">&ldquo;<U>Competent
Authority</U>&rdquo; has the meaning given to it in</FONT> <FONT STYLE="text-decoration: underline double; color: blue">each</FONT> <FONT STYLE="text-decoration: underline double; color: blue"><U>of</U></FONT>
<FONT STYLE="color: #010101">the Securitisation </FONT><FONT STYLE="color: red"><STRIKE>Regulation</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Regulations</FONT><FONT STYLE="color: #010101">.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Concentration
Calculation Amount</U>&rdquo; means (a)&#8239;from the Closing Date to the date that is the six-month anniversary of the Closing Date,
the greater of (i)&#8239;the Maximum Portfolio Amount and (ii)&#8239;the Aggregate Adjusted Collateral Balance (after giving effect to any
proposed purchase of Collateral Loans) and (b)&#8239;after the date that is the six-month anniversary of the Closing Date, the Aggregate
Adjusted Collateral Balance.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Concentration
Limitations</U>&rdquo; means, as of any date of determination, the following limitations (calculated without duplication) as applied to
the Eligible Collateral Loans owned (or, in relation to a proposed purchase of an Eligible Collateral Loan, proposed to be owned, with
respect to which, if such purchase results in noncompliance with the limitations, the relevant requirements must be maintained or improved
after giving effect to the purchase) by the Borrower, unless a waiver is provided in writing by the Administrative Agent specifying the
agreed treatment of such Collateral Loan or Concentration Limitation:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">not
more than 10.00% of the Concentration Calculation Amount may consist of First Lien Last Out Loans or Second Lien Loans;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">not
more than 7.00% of the Concentration Calculation Amount may consist of Second Lien Loans;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">(i)&#8239;not
more than 20.00% of the Concentration Calculation Amount may consist of Class&#8239;1 Loans and Class&#8239;2 Loans that are Cov-Lite Loans
and (ii)&#8239;not more than 10.00% of the Concentration Calculation Amount may consist of Class&#8239;2 Loans that are Cov-Lite Loans;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">not
less than 85.00% of the Concentration Calculation Amount may consist of Collateral Loans denominated in Dollars;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">not
less than 85.00% of the Concentration Calculation Amount may consist of Collateral Loans the Obligors of which have their headquarters
in, a principal place of business in or are organized, formed or incorporated in the United States;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">not
more than 10.00% of the Concentration Calculation Amount may consist of Revolving Collateral Loans or Delayed Drawdown Collateral Loans;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">not
more than 5.00% of the Maximum Portfolio Amount may consist of Collateral Loans (other than Second Lien Loans, Recurring Revenue Loans
and First Lien Last Out Loans) that are issued by any Obligor and its Affiliates, except that Collateral Loans (other than Second Lien
Loans, Recurring Revenue Loans and First Lien Last Out Loans) that are issued by the three largest Obligors and their respective Affiliates
may each consist of up to 7.50% of the Maximum Portfolio Amount;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">not
more than 7.50% of the Concentration Calculation Amount may consist of Collateral Loans that are issued by Obligors and their Affiliates
that belong to any single Industry Classification, except that (i)&#8239;up to 25.00% may consist of Collateral Loans with Obligors and
their Affiliates in the largest Industry Classification, (ii)&#8239;up to 20.00% may consist of Collateral Loans with Obligors and their
Affiliates in the second largest Industry Classification, (iii)&#8239;up to 15.00% may consist of Collateral Loans with Obligors and their
Affiliates in the third largest Industry Classification and (iv)&#8239;up to 10.00% may consist of Collateral Loans with Obligors and their
Affiliates in each of the fourth and fifth largest Industry Classifications;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">not
more than 5.00% of the Concentration Calculation Amount may consist of Fixed Rate Loans;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">not
more than 10.00% of the Concentration Calculation Amount may consist of Partial PIK Loans;</FONT> <FONT STYLE="font-size: 10pt; color: red"><STRIKE>and</STRIKE></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">not
more than 10.00% of the Concentration Calculation Amount may consist of Recurring Revenue Loans</FONT><FONT STYLE="font-size: 10pt; color: red">.</FONT><FONT STYLE="text-decoration: underline double; color: blue">;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double">not
more than 10.00% of the Concentration Calculation Amount may consist of participation interests in Collateral Loans; and</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double">not
more than 5.00% of the Concentration Calculation Amount may consist of Non-accrual Loans.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Conforming
Changes</U>&rdquo; means, with respect to either the use or administration of Term SOFR or the use, administration, adoption, or
implementation of any Benchmark Replacement, any technical, administrative or operational changes (including changes to the
definition of &ldquo;Business Day,&rdquo; the definition of &ldquo;U.S. Government Securities Business Day,&rdquo; the definition of
 &ldquo;Interest Accrual Period&rdquo; or any similar or analogous definition (or the addition of a concept of &ldquo;interest
period&rdquo;), timing and frequency of determining rates and making payments of interest, timing of borrowing request or
prepayment, conversion or continuance notices, the applicability and length of lookback periods, the applicability of any breakage
payments under <U>Section&#8239;2.11</U> and other technical, administrative or operational matters) that the Administrative Agent in
consultation with the Borrower, decides in its reasonable discretion may be appropriate to reflect the adoption and implementation
of any such rate or to permit the use and administration thereof by the Administrative Agent in a manner substantially consistent
with the United States, that such additional actions shall have been taken as shall be necessary under applicable law or as shall be
reasonably requested by the Collateral Agent under applicable law to accord the Collateral Agent rights substantially equivalent to
those accorded to a secured party under the UCC that has possession or Control (as defined in the UCC) of such certificated security
or uncertificated security; or</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="color: #010101">in
the case of each of clauses (a)&#8239;through (h)&#8239;above, such additional or alternative procedures as may hereafter become appropriate
to perfect the security interest granted to the Collateral Agent hereunder in such items of the Collateral, consistent with Applicable
Law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">In addition,
the Servicer on behalf of the Borrower will obtain any and all consents required by the Related Documents relating to any Instruments,
accounts or general intangibles for the transfer of ownership and/or pledge hereunder (except to the extent that the requirement for such
consent is rendered ineffective under Section&#8239;9-406 of the UCC).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; color: #010101">&ldquo;<U>Determination Date</U>&rdquo; means
the last day of each Collection Period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Diversity
Score</U>&rdquo; means, as of any day, a single number that indicates collateral concentration in terms of both issuer and industry concentration,
calculated as set forth in Schedule 7 hereto, as such Diversity Scores shall be updated at the option of the Administrative Agent with
the approval of the Borrower (such approval not to be unreasonably withheld) if Moody&rsquo;s publishes revised criteria.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Dollar
Equivalent</U>&rdquo; means, as of any date of determination, (a)&#8239;with respect to any amount denominated in Dollars, such
amount and (b)&#8239;with respect to any amount denominated in a currency other than Dollars, the Dollar equivalent of such amount
determined by (1)&#8239;the Servicer so long as no Event of Default exists either prior to or after giving effect to such conversion
or (2)&#8239;if an Event of Default exists, the Administrative Agent, by reference to (x)&#8239;for an actual currency exchange, the
applicable currency-Dollar spot rate obtained by the Servicer or the Administrative Agent, as applicable, through customary banking
channels, including, without limitation, any spot rate published by the Custodian or (y)&#8239;for all other purposes, the
applicable currency-Dollar spot rate that appeared on the Bloomberg screen for such currency at the end of the immediately preceding
Business Day.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; color: #010101">&ldquo;<U>Dollars</U>&rdquo; and &ldquo;<U>$</U>&rdquo;
mean lawful money of the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Due
Date</U>&rdquo; means each date on which any payment is due on a Collateral Loan in accordance with its terms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: underline double">&ldquo;Due
Diligence Requirements&rdquo; means the EU Due Diligence Requirements and</FONT> <FONT STYLE="text-decoration: underline double">the UK
Due Diligence Requirements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>EBITDA</U>&rdquo;
means, with respect to any Relevant Test Period and the Obligor of any Collateral Loan, the meaning of the term &ldquo;Adjusted
EBITDA,&rdquo; the term &ldquo;EBITDA&rdquo; or any comparable definition in the Related Documents for such period and Collateral
Loan (or, in the case of a Collateral Loan for which the Related Documents have not been executed, as set forth in the relevant
marketing materials or financial model in respect of such Collateral Loan) as or other similar taxes, unless the related Obligor is
required to make &ldquo;gross-up&rdquo; payments that ensure that the net amount actually received by the Borrower (after payment of
all taxes, whether imposed on such Obligor or the Borrower) will equal the full amount that the Borrower would have received had no
such taxes been imposed;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">it
is capable of being sold, assigned or participated to the Borrower, together with any associated security, without any breach of applicable
selling restrictions, any contractual provisions or any legal or regulatory requirements and the Borrower does not require any authorizations,
consents, approvals or filings (other than such as have been obtained or effected) as a result of or in connection with any such sale,
assignment or participation under any Applicable Law;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">it
is not subject to a tender offer from the related Obligor other than (A)&#8239;a Permitted Offer or (B)&#8239;an exchange offer in which
a security is exchanged for a security that would otherwise qualify for purchase herein;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">it
is not a Structured Finance Obligation, a Zero Coupon Obligation or a Synthetic Security;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(r)</FONT><FONT STYLE="color: #010101">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;it
is not a PIK Loan, unsecured senior loan or Mezzanine Obligation;</FONT></P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(s)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">it
is not a project, shipping/aircraft or infrastructure/construction financing;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(t)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">the
relevant the Obligor of such Collateral Loan is not a Governmental Authority;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(u)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">the
Obligor of such Collateral Loan is not a commodity trader and producer, oil field services company or other entity highly exposed to commodity
price/volume risk;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(v)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">the
Obligor of such Collateral Loan is not operating, domiciled or conducting business in a country subject to Sanctions;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(w)</FONT><FONT STYLE="color: #010101">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;it
is not a lease;</FONT></P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">it
will not cause the Borrower or the pool of assets to be required to be registered as an investment company under the Investment Company
Act;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(y)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">if
such Collateral Loan is a Recurring Revenue Loan, such Collateral Loan meets the requirements set forth in the definition of Ongoing Recurring
Revenue Loan Eligibility;</FONT> <FONT STYLE="font-size: 10pt; color: red"><STRIKE>and</STRIKE></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(z)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">the
Obligor of such Collateral Loan is not an Affiliate of the Borrower, the Servicer or the Equityholder;</FONT> <FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">and</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in; color: blue"><FONT STYLE="font-size: 10pt; text-decoration: underline double">(aa)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; text-decoration: underline double">to
the knowledge of the Borrower, such Collateral Loan is not a Prohibited Loan in any material respect;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: #010101"><U>provided</U>
that the Administrative Agent may agree in writing to specifically waive any criteria set forth above (other than clauses (l), (m), (o),
(v</FONT><FONT STYLE="text-decoration: underline double; color: blue"><U>), (x</U></FONT><FONT STYLE="color: #010101">)&#8239;and (</FONT><FONT STYLE="color: red"><STRIKE>x</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">aa</FONT><FONT STYLE="color: #010101">))
with respect to any single Collateral Loan, including any waiver of any requirement for a Recurring Revenue Loan contained in the definition
thereof (it being understood that the Administrative Agent is not required to provide any such waiver under any circumstances) and upon
such waiver, such waived criteria will not constitute criteria for such Collateral Loan to qualify as an &ldquo;Eligible Collateral Loan&rdquo;.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Eligible
Country</U>&rdquo; means (a)&#8239;the United States, (b)&#8239;Canada, (c)&#8239;the United Kingdom or (d)&#8239;OECD countries with a country
ceiling for foreign currency bonds of at least &ldquo;Aa2&rdquo; by Moody&rsquo;s and a foreign currency issuer credit rating of at least
 &ldquo;AA&rdquo; by S&amp;P.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Eligible
Investments</U>&rdquo; means any Dollar investment that, at the time it is Delivered, is Cash or one or more of the following obligations
or securities:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">direct
interest bearing obligations of, and interest bearing obligations guaranteed as to timely payment of principal and interest by, the United
States or any agency or instrumentality of the United States, the obligations of which are backed by the full faith and credit of the
United States;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">demand
or time deposits in, certificates of deposit of, bank deposit products, demand notes of, or bankers&rsquo; acceptances issued by any depository
institution or trust company organized under the laws of the United States or any State thereof (including any federal or state branch
or agency of a foreign depository institution or trust company) and subject to supervision and examination by federal and/or state banking
authorities (including, if applicable, the Collateral Agent, the Custodian or the Administrative Agent or any agent thereof acting in
its commercial capacity); provided that the short-term unsecured debt obligations of such depository institution or trust company at the
time of such investment, or contractual commitment providing for such investment, are rated at least &ldquo;A-1&rdquo; by S&amp;P and
 &ldquo;P-1&rdquo; by Moody&rsquo;s;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">commercial
paper that (i)&#8239;is payable in Dollars and (ii)&#8239;is rated at least &ldquo;A-1&rdquo; by S&amp;P and &ldquo;P-1&rdquo; by Moody&rsquo;s;
and</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; color: #010101">units
of money market funds having a rating of the Highest Required Investment Category from each of S&amp;P and Moody&rsquo;s.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">No
Eligible Investment shall have an &ldquo;f,&rdquo; &ldquo;r,&rdquo; &ldquo;p,&rdquo; &ldquo;pi,&rdquo; &ldquo;q,&rdquo;
 &ldquo;sf&rdquo; or &ldquo;t&rdquo; subscript affixed to its S&amp;P rating. Any such investment may be made or acquired from or
through the Collateral Agent or the Administrative Agent or any of their respective Affiliates, or any entity for whom the
Collateral Agent, the Administrative Agent, the Custodian or any of their respective Affiliates provides services and receives
compensation (so long as such investment otherwise meets the applicable requirements of the foregoing definition of Eligible
Investment at the time of acquisition) or acts as offeror of; <U>provided</U> that, notwithstanding the foregoing clauses
(a)&#8239;through (d), unless the Borrower and the Servicer have received the written advice of counsel of national reputation
experienced in such matters to the contrary (together with an officer&rsquo;s certificate of the Borrower or the Servicer to the
Administrative Agent and the Collateral Agent employer under Section&#8239;414(b)&#8239;or (c)&#8239;of the Code or, for purposes of
Section&#8239;302 of ERISA or Section&#8239;412 of the Code (and the regulations promulgated and rulings issued thereunder),
Section&#8239;414(m)&#8239;or (o)&#8239;of the Code, with the Borrower.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>EU
Bail-In Legislation Schedule</U>&rdquo; means the document described as the EU Bail-In Legislation Schedule published by the Loan Market
Association (or any successor person), as in effect from time to time.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">&ldquo;<U>EU
Due Diligence Requirements</U>&rdquo; means the due diligence and verification requirements applicable to EU Institutional Investors under
Article&#8239;5 of the</FONT> <FONT STYLE="text-decoration: underline double; color: blue">EU</FONT> <FONT STYLE="color: #010101">Securitisation
Regulation (together with any delegated regulations, applicable guidance, regulatory technical standards, or implementing technical standards
made thereunder) in respect of securitization positions, as in effect and/or amended or supplemented from time to time.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">&ldquo;<U>EU
Institutional Investor</U>&rdquo; has the meaning given to &ldquo;institutional investor&rdquo; under</FONT> <FONT STYLE="text-decoration: underline double; color: blue">EU</FONT>
<FONT STYLE="color: #010101">the Securitisation Regulation.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">&ldquo;<U>EU
Risk Retention Requirement</U>&rdquo; means Article&#8239;6 of the</FONT> <FONT STYLE="text-decoration: underline double; color: blue">EU</FONT>
<FONT STYLE="color: #010101">Securitisation Regulation (together with any delegated regulations, applicable guidance, regulatory technical
standards, or implementing technical standards made thereunder).</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: underline double">&ldquo;EU
Securitisation Regulation&rdquo; means Regulation (EU) 2017/2402 of the</FONT> <FONT STYLE="text-decoration: underline double">European
Parliament and of the Council of 12 December&#8239;2017 laying down a general framework for securitisation and creating a specific framework
for simple, transparent and standardised securitisation, as amended, varied or substituted from time to time, including (i)&#8239;any
technical standards thereunder as may be effective from time to time and (ii)&#8239;any guidance relating thereto as may from time to
time be published by any Competent Authority and an EU regulator.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>EU
Transparency Reporting Side Letter Agreement</U>&rdquo; means any side letter agreement between the Borrower and the Collateral Agent
that identifies itself as an EU Transparency Reporting Side Letter Agreement (or equivalent or similar name) thereunder.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">&ldquo;<U>EU
Transparency Requirements</U>&rdquo; means Article&#8239;7 of the</FONT> <FONT STYLE="text-decoration: underline double; color: blue">EU</FONT>
<FONT STYLE="color: #010101">Securitisation Regulation (together with any delegated regulations, applicable guidance, regulatory technical
standards, or implementing technical standards made thereunder).</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>EUR
Collection Account</U>&rdquo; means the single, segregated account with respect to Collections in Euros at the Securities Intermediary
in the name of the Borrower subject to the lien of the Collateral Agent for the benefit of the Secured Parties.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Euros</U>&rdquo;
or &ldquo;<U>&euro;</U>&rdquo; means the lawful currency of the EEA Member Countries that have adopted and retain the single currency
in accordance with the treaty establishing the European Community, as amended from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Event
of Default</U>&rdquo; means the occurrence of any of the events, acts or circumstances set forth in Section&#8239;6.01. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 21 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0; color: #010101">Party, in each
case, (i)&#8239;by the jurisdiction (or any political subdivision thereof) under the laws of which such Secured Party is organized or
in which its principal office is located or, in the case of any Lender, in which its applicable lending office is located or (ii)&#8239;that
are Other Connection Taxes, (b)&#8239;in the case of any Lender, U.S. federal withholding Taxes imposed on amounts payable to or for
the account of such Lender pursuant to a law in effect on the date on which (i)&#8239;such Lender becomes a party hereto or (ii)&#8239;such
Lender changes its lending office, except in each case to the extent that, pursuant to Section&#8239;13.03, amounts with respect to such
Taxes were payable either to such Lender&rsquo;s assignor immediately before such Lender became a party hereto or to such Lender immediately
before it changed its lending office, (c)&#8239;Taxes attributable to such Secured Party&rsquo;s failure to comply with Section&#8239;13.03(g),
and (d)&#8239;Taxes imposed under FATCA.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Expedited
Notice of Borrowing</U>&rdquo; has the meaning assigned to such term in Section&#8239;2.03(d).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Facility
Amount</U>&rdquo; means (a)&#8239;on or prior to the Facility Termination Date, an amount equal to the Maximum Facility Amount (as such
amount may be reduced from time to time pursuant to Section&#8239;2.07) and (b)&#8239;following the Facility Termination Date, the outstanding
principal balance of all of the Advances.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Facility
Documents</U>&rdquo; means this Agreement, the Notes, the Account Control Agreement, the Collateral Agent Fee Letter, the Custodian Agreement,
the Lender Fee Letter, the Administrative Agent Fee Letter, the Loan Sale Agreement and any other security agreements and other instruments
entered into or delivered by or on behalf of the Borrower pursuant to Section&#8239;5.01(c)&#8239;to create, perfect or otherwise evidence
the Collateral Agent&rsquo;s security interest in the Collateral.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; color: #010101">&ldquo;<U>Facility Reduction Fee</U>&rdquo;
has the meaning assigned to such term in the Lender Fee Letter.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">&ldquo;<U>Facility
Termination Date</U>&rdquo; means the last day of the Reinvestment Period</FONT> <FONT STYLE="color: red"><STRIKE>(as <FONT STYLE="font-family: Times New Roman, Times, Serif">and
to the extent extended in accordance with Section&#8239;2.16)</FONT></STRIKE></FONT><FONT STYLE="color: rgb(1,1,1)">.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>FATCA</U>&rdquo;
means Sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that is substantively
comparable and not materially more onerous to comply with), any current or future regulations or official interpretations thereof, any
agreements entered into pursuant to Section&#8239;1471(b)(1)&#8239;of the Code and any fiscal or regulatory legislation, rules&#8239;or practices
adopted pursuant to any intergovernmental agreement, treaty or convention among Governmental Authorities and implementing such Sections
of the Code.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Federal
Funds Rate</U>&rdquo; means, for any period, the greater of (a)&#8239;0% and (b)&#8239;a fluctuating interest rate <I>per annum </I>equal
for each day during such period to the weighted average of the rates on overnight federal funds transactions with members of the Federal
Reserve System arranged by federal funds brokers, as published for such day (or, if such day is not a Business Day, for the next preceding
Business Day) by the Federal Reserve Bank of New York, or, if such rate is not so published for any day which is a Business Day, the average
of the quotations for such day on such transactions received by the Administrative Agent from three</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #010101">&ldquo;<U>FRB</U>&rdquo;
has the meaning specified in the definition of Deliver.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010101">&ldquo;<U>Fundamental
Amendment</U>&rdquo; means, with respect to each Lender, any amendment, modification, waiver or supplement of or to this Agreement that
would (a)&#8239;increase or extend the term of the Individual Lender Maximum Funding Amounts or change the Final Maturity Date (other than
an increase of the Individual Lender Maximum Funding Amount of a particular Lender or the addition of a new Lender agreed to by the relevant
Lender), (b)&#8239;extend the date fixed for the payment of principal of or interest on any Advance or any fee hereunder, (c)&#8239;reduce
the amount of any such payment of principal, (d)&#8239;reduce the rate at which Interest is payable thereon or any fee is payable hereunder
(other than in connection with the appointment of a Benchmark Replacement), (e)&#8239;release any material portion of the Collateral, except
in connection with dispositions permitted hereunder, (f)&#8239;alter the terms of Section&#8239;9.01 or Section&#8239;13.01(b), (g)&#8239;modify
the definition of the terms &ldquo;Majority Lenders,&rdquo; &ldquo;Required Lenders,&rdquo; &ldquo;Maximum Available Amount,&rdquo; &ldquo;Advance
Rate,&rdquo; &ldquo;Borrowing Base,&rdquo; &ldquo;Minimum OC Coverage Test,&rdquo; &ldquo;Collateral Quality Test,&rdquo; &ldquo;Collateral
Loan,&rdquo; &ldquo;Eligible Collateral Loan,&rdquo; &ldquo;Eligible Country,&rdquo; &ldquo;Class&#8239;1 Loan,&rdquo; &ldquo;Class&#8239;2
Loan&rdquo;</FONT> <FONT STYLE="color: red"><STRIKE>or</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">, </FONT><FONT STYLE="color: #010101">&ldquo;Class&#8239;3
Loan&rdquo; </FONT><FONT STYLE="text-decoration: underline double; color: blue"><U>or &ldquo;OC Ratio&rdquo; </U></FONT><FONT STYLE="color: #010101">or any component thereof
defined therein (in each case, other than any administrative, non-material amendment agreed to by the Borrower and the Administrative
Agent); (h)&#8239;modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights
hereunder or to modify any provision hereof or (i)&#8239;extend the Reinvestment Period, in each case to the extent such amendment, modification,
waiver or supplement relates to such Lender.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>GAAP</U>&rdquo;
means generally accepted accounting principles in effect from time to time in the United States.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>GBP
Collection Account</U>&rdquo; means the single, segregated account with respect to Collections in Pounds Sterling at the Securities Intermediary
in the name of the Borrower subject to the lien of the Collateral Agent for the benefit of the Secured Parties.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Government
Security</U>&rdquo; has the meaning specified in the definition of Deliver.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Governmental Authority</U>&rdquo; means, with
respect to any Person, any nation or government, any supranational, state or other political or subdivision thereof, any central
bank (or similar monetary or regulatory authority) thereof, any body or entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government and any court or arbitrator, in each case, having jurisdiction
or authority over such Person.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Governmental
Authorizations</U>&rdquo; means all franchises, permits, licenses, approvals, consents and other authorizations of all Governmental Authorities.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Governmental
Filings</U>&rdquo; means all filings, including franchise and similar tax filings, and the payment of all fees, assessments, interests
and penalties associated with such filings with all Governmental Authorities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Highest
Required Investment Category</U>&rdquo; means (a)&#8239;with respect to ratings assigned by Moody&rsquo;s, &ldquo;Aa2&rdquo; or
 &ldquo;P-1&rdquo; for one month instruments, &ldquo;Aa2&rdquo; and &ldquo;P-1&rdquo; for three month instruments, &ldquo;Aa3&rdquo;
and &ldquo;P-1&rdquo; for six month instruments and &ldquo;Aa2&rdquo; and &ldquo;P-1&rdquo; for Principal Proceeds (and not Interest
Proceeds) until the aggregate of all Collections in respect thereof since it became a Defaulted Collateral Loan equals the Principal
Balance of such Defaulted Collateral Loan at the time as of which it became a Defaulted Collateral Loan and all amounts received in
excess thereof will constitute Interest Proceeds; and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in; color: #010101">(2)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;any amounts received in respect of any Equity Security that was received in exchange for a Defaulted Collateral Loan will constitute Principal
Proceeds (and not Interest Proceeds) until the aggregate of all collections in respect of such Equity Security equals the outstanding
Principal Balance of the related Collateral Loan, at the time it became a Defaulted Collateral Loan, for which such Equity Security was
received in exchange.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Interest Rate</U>&rdquo; means,
as of any date of determination, an interest rate <I>per annum </I>equal to Term SOFR (or the Base Rate, if applicable) <I>plus </I>the
Applicable Margin.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Investment
Company Act</U>&rdquo; means the Investment Company Act of 1940, as amended, and the rules&#8239;and regulations promulgated thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">&ldquo;<U>Investor
Report</U>&rdquo; means the ongoing quarterly investor reports required pursuant to and in accordance with Article&#8239;7(1)(e)&#8239;of
the Securitisation </FONT><FONT STYLE="color: red"><STRIKE>Regulation</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Regulations</FONT><FONT STYLE="color: #010101">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Law</U>&rdquo;
means any action, code, consent decree, constitution, decree, directive, enactment, finding, guideline, law, injunction, interpretation,
judgment, order, ordinance, policy statement, proclamation, promulgation, regulation, requirement, rule, rule&#8239;of law, treaty, rule&#8239;of
public policy, settlement agreement, statute, or writ, of any Governmental Authority, or any particular section, part or provision thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Lender</U>&rdquo;
means each Person listed on Schedule 1 and any other Person that shall have become a party hereto in accordance with the terms hereof
pursuant to an Assignment and Acceptance, other than any such Person that ceases to be a party hereto pursuant to an Assignment and Acceptance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Lender
Fee Letter</U>&rdquo; means that certain fee letter, dated as of the Closing Date, by and among the Lenders, the Borrower and the Servicer,
as amended or supplemented from time to time, and any other fee letter between a Lender, the Borrower and the Servicer that identifies
itself as a Lender Fee Letter hereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Liabilities</U>&rdquo;
means all liabilities, obligations, losses, claims, damages, penalties, actions, judgments, suits, costs, expenses (including reasonable
and documented out-of-pocket fees and expenses of agents, experts and outside attorneys) and disbursements of any kind or nature whatsoever.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Lien</U>&rdquo;
means any mortgage, pledge, hypothecation, assignment, encumbrance, lien or security interest (statutory or other), or preference, priority
or other security agreement, charge or preferential arrangement of any kind or nature whatsoever (including any conditional sale or other
title retention agreement, any financing lease having substantially the same</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="color: #010101">&ldquo;<U>Maximum
Facility Amount</U>&rdquo; means $</FONT><FONT STYLE="color: red"><STRIKE>790,000,000</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">865,000,000</FONT>
<FONT STYLE="color: #010101">(as such amount may be reduced pursuant to Section&#8239;2.07); <U>provided</U> that it is understood that
the loan facility established under this Agreement is an uncommitted facility and there is no express or implied commitment on the part
of the Administrative Agent or any Lender to provide any Advance except that, in the case of Collateral Loans approved by means of an
Approval Request or Approved List, the Lenders shall have committed to fund the related Advances (up to the amount(s)&#8239;specified in
the related Approval Request or Approved List), provided that the related conditions precedent set forth in Article&#8239;III are satisfied
with respect to such Advances on the applicable Borrowing Date.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Maximum
Portfolio Amount</U>&rdquo; means, as of any date of determination, the sum of <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT> <FONT STYLE="font-size: 10pt">the
Maximum Facility Amount as of such date and (ii)&#8239;the aggregate amount of all contributions by the Equityholder to the Borrower
(other than contributions made to cure a Default or an Event of Default) <I>less </I>any principal distributions that constitute a
return of capital to the Equityholder other than Excluded Principal Distributions.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Maximum
Weighted Average Life Test</U>&rdquo; means a test that will be satisfied on any date of determination if the Weighted Average Life of
the Collateral Loans as of such date is less than or equal to six and a half (6.5) years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Measurement
Date</U>&rdquo; means (a)&#8239;the Closing Date, (b)&#8239;each Borrowing Date, (c)&#8239;each Payment Date Report Determination Date and
(d)&#8239;each other date reasonably requested by the Administrative Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Mezzanine
Obligations</U>&rdquo; means unsecured obligations that are contractually subordinated in right of payment to other debt of the same issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Minimum
OC Coverage Test</U>&rdquo; means, as of any date, a test that is satisfied if the OC Ratio as of such date is equal to or greater than
1.00:1.00.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #010101">&ldquo;<U>Minimum Floating
Spread</U>&rdquo; means 4.00%.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Minimum
Weighted Average Spread Test</U>&rdquo; means a test that is satisfied on any date of determination if the Weighted Average Floating Spread
equals or exceeds the Minimum Floating Spread.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Money</U>&rdquo; has the
meaning specified in Section&#8239;1-201(24) of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Moody&rsquo;s</U>&rdquo; means Moody&rsquo;s Investors
Service,&#8239;Inc., together with its successors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Multiemployer Plan</U>&rdquo; means a &ldquo;multiemployer plan&rdquo;
within the meaning of Section&#8239;4001(a)(3)&#8239;of ERISA that is sponsored by the Borrower or a member of its ERISA Group or to
which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Net-Debt-to-Recurring-Revenue
Ratio</U>&rdquo; means, with respect to any Collateral Loan for any period, the meaning of &ldquo;Net-Debt-to-Recurring-Revenue
Ratio&rdquo; or any comparable term defined in the Related Documents for such Collateral Loan, and in any case that
 &ldquo;Net-Debt-to-Recurring-Revenue Ratio&rdquo; or such comparable term is not defined in such Related Documents, the ratio of
(a)&#8239;indebtedness of the related Obligor under such Collateral Loan and all other indebtedness of such Obligor that is senior or <I>pari
passu </I>in right of payment to such Collateral Loan <I>minus </I>Unrestricted Cash and cash equivalents to (b)&#8239;TTM Recurring
Revenue, as calculated by the Servicer in good faith in accordance with the Servicing Standard using information from and
calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant Obligor as
per the requirements of the Related Documents; <U>provided</U> that, in the event of a lack of any such information necessary to
calculate the Net-Debt-to-Recurring-Revenue Ratio for any Collateral Loan, the Net-Debt-to-Recurring-Revenue Ratio for such
Collateral Loan shall be a ratio calculated by the Administrative Agent in its sole discretion after consultation with the Servicer
or, if agreed to by the Administrative Agent, by the Servicer in good faith in accordance with the Servicing Standard.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: underline double">&ldquo;Non-accrua</FONT><FONT STYLE="text-decoration: underline double">l
Loan&rdquo; means any Collateral Loan as to which at any time:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt; text-decoration: underline double">a
default as to all or any portion of one or more payments of principal and/or interest (including a failure of a selling institution to
pay amounts due and payable to the Borrower with respect to the related participation) has occurred after the earlier of (i)&#8239;any
grace period applicable thereto and (ii)&#8239;ninety (90) Business Days, in each case, past the applicable due date; or</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: underline double">(B)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="text-decoration: underline double">an
Insolvency Event has occurred with respect to the Obligor.</FONT></P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Non-Approval
Event</U>&rdquo; means an event that (x)&#8239;will be deemed to have occurred if the ratio (measured on a rolling three-month basis)
of (i)&#8239;the number or Dollar amount of Approval Requests for loans that satisfy the requirements of an Eligible Collateral Loan
rejected by the Administrative Agent over (ii)&#8239;the total number or aggregate Dollar amount of Approval Requests is greater than
70% and (y)&#8239;will be continuing until the conditions set forth in clause <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(x)</FONT> <FONT STYLE="font-size: 10pt">of
this definition are no longer true; <U>provided</U> that, until ten (10)&#8239;loans have been submitted for approval to the
Administrative Agent by the Servicer, the ratio of clause (x)(i)&#8239;over clause (x)(ii)&#8239;shall be deemed to be
zero.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in; color: #010101">&ldquo;<U>Note</U>&rdquo; means each
promissory note, if any, issued by the Borrower to a Lender in accordance with the provisions of Section&#8239;2.04(b), substantially in
the form of Exhibit&#8239;A.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Notice of Borrowing</U>&rdquo; has
the meaning assigned to such term in Section&#8239;2.03(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Notice of Prepayment</U>&rdquo; has the meaning assigned to such
term in Section&#8239;2.06(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>NYFRB</U>&rdquo; means the Federal Reserve Bank of New York.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Obligations</U>&rdquo;
means all indebtedness, whether absolute, fixed or contingent, at any time or from time to time owing by the Borrower to any Secured
Party or any Affected Person under or in connection with this Agreement, the Notes or any other Facility Document, including all
amounts payable by the Borrower in respect of the Advances, with interest thereon, and all other amounts payable hereunder or
thereunder by the Borrower. </P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0; color: #010101">only so long
as (x)&#8239;the Minimum OC Coverage Test is satisfied immediately prior to and immediately after giving effect to such Permitted Tax
Distribution (unless otherwise consented to by the Administrative Agent in its sole discretion), (y)&#8239;the Borrower certifies the
above in a RIC Distribution Notice to the Administrative Agent at least two (2)&#8239;Business Days prior to the applicable distribution
and (z)&#8239;the Borrower provides at least two (2)&#8239;Business Days&rsquo; prior written notice thereof to the Administrative Agent
and the Collateral Agent.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Permitted
Working Capital Lien</U>&rdquo; has the meaning assigned to such term in the definition of &ldquo;First Lien Loan&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Person</U>&rdquo;
means an individual or a corporation (including a business trust), partnership, trust, incorporated or unincorporated association, joint
stock company, limited liability company, government (or an agency or political subdivision thereof) or other entity of any kind.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>PIK
Loan</U>&rdquo; means a loan (other than a Partial PIK Loan) that permits the Obligor thereon to defer or capitalize any portion of the
accrued interest thereon.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Plan</U>&rdquo;
means an employee pension benefit plan (other than a Multiemployer Plan) that is covered by Title IV of ERISA or subject to the minimum
funding standards under Section&#8239;412 of the Code, in any case, which is sponsored by the Borrower or a member of its ERISA Group or
to which the Borrower or a member of its ERISA Group is obligated to make contributions or has any liability.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Plan Asset
Rule</U>&rdquo; has the meaning assigned to such term in Section&#8239;4.01(m).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Portfolio Advance Rate
Adjustment</U>&rdquo; means, as of any date of determination, the percentage set forth on the table below corresponding to the
highest Diversity Score then-applicable to the Collateral Loans:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: center">Diversity Score</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&#8239;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid"><B>Advance Rate<BR>
 Adjustment</B></TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; font-weight: bold">&#8239;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 82%; color: #010101; text-align: left">Less than 4&#9;</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">&#8239;</TD><TD STYLE="width: 15%; font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: right">0</TD><TD STYLE="width: 1%; font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">Greater than or equal to 4, but less than 6&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: right">40</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">Greater than or equal to 6, but less than 10&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: right">60</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">Greater than or equal to 10, but less than 14&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: right">80</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">%</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(204,238,255)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">Greater than or equal to 14&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101">&#8239;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">&#8239;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: right">100</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; color: #010101; text-align: left">%</TD></TR>
  </TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; color: #010101">&ldquo;<U>Portfolio
Report</U>&rdquo; means the ongoing quarterly portfolio level disclosure required pursuant to and in accordance with Article&#8239;7(1)(a)&#8239;of
the Securitisation </FONT><FONT STYLE="color: red"><STRIKE>Regulation</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Regulations</FONT><FONT STYLE="color: #010101">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Post-Default
Rate</U>&rdquo; means a rate <I>per annum </I>equal to the Interest Rate otherwise in effect pursuant to this Agreement <I>plus </I>2.00%
<I>per annum</I>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Potential
Servicer Removal Event</U>&rdquo; means any event which, with the passage of time, the giving of notice, or both, would (if not cured
or otherwise remedied during such time) constitute a Servicer Removal Event.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #010101">&ldquo;<U>Pounds
Sterling</U>&rdquo; and &ldquo;<U>&#8356;</U>&rdquo; means the lawful currency of the United Kingdom.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Pricing
Source</U>&rdquo; means any of Loan Pricing Corporation, Mark-it Partners (formerly known as Loan X),&#8239;Interactive Data Corporation
or another nationally recognized broker-dealer or nationally recognized quotation service mutually agreed from time to time by (a) the
Administrative Agent and (b)&#8239;the Servicer.</P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Prime
Rate</U>&rdquo; means the rate determined by BNP from time to time as its prime rate in the United States, such rate to change as and
when such designated rate changes. The Prime Rate is not intended to be the lowest rate of interest charged by BNP in connection with
extensions of credit to debtors.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Principal
Balance</U>&rdquo; means, with respect to any loan, as of any date of determination, the outstanding principal amount of such loan, excluding
any capitalized interest.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Principal
Collection Subaccount</U>&rdquo; has the meaning assigned to such term in Section&#8239;8.02(a).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Principal
Proceeds</U>&rdquo; means, with respect to any Collection Period or the related Determination Date, all amounts received by the Borrower
during such Collection Period that do not constitute Interest Proceeds, including unapplied proceeds of the Advances and any amounts received
by the Borrower as equity contributions (and not designated as Interest Proceeds in accordance with Section&#8239;10.04).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Priority
of Payments</U>&rdquo; has the meaning assigned to such term in Section&#8239;9.01(a).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Private Authorizations</U>&rdquo;
means all franchises, permits, licenses, approvals, consents and other authorizations of all Persons (other than Governmental
Authorities).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Proceeds</U>&rdquo;
has, with reference to any asset or property, the meaning assigned to it under Section&#8239;9-102(a)(64) of the UCC and, in any event,
shall include any and all amounts from time to time paid or payable under or in connection with such asset or property.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: blue"><FONT STYLE="font-family: Times New Roman, Times, Serif; text-decoration: underline double">&ldquo;Prohibite</FONT><FONT STYLE="text-decoration: underline double">d
Loan&rdquo; has the meaning assigned to such term on Schedule 2.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>QFC</U>&rdquo;
has the meaning assigned to the term &ldquo;qualified financial contract&rdquo; in, and shall be interpreted in accordance with, 12 U.S.C.
5390(c)(8)(D).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #010101">&ldquo;<U>QFC Credit Support</U>&rdquo;
has the meaning set forth in <U>Section&#8239;13.25</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #010101">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in; text-align: justify; color: #010101">&ldquo;<U>QIB</U>&rdquo; has the meaning assigned to such term in Section&#8239;13.06(e).</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&ldquo;<U>Qualified
Institution</U>&rdquo; means a depository institution or trust company organized under the laws of the United States of America or
any one of the States thereof or the District of Columbia (or any domestic branch of a foreign bank), (a)(i)&#8239;that has either
(A)&#8239;a long-term unsecured debt rating of &ldquo;A&rdquo; or better by S&amp;P and &ldquo;A2&rdquo; or better by Moody&rsquo;s
or (B)&#8239;a short-term unsecured debt rating or certificate of deposit rating of &ldquo;A-1&rdquo; or better by S&amp;P or minimum
liquidity and maximum ratio of principal loan amount outstanding to TTM Recurring Revenue.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&#8239;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101"></P>

<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&#8239;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in; color: #010101">&#8239;</P>

<!-- Field: Split-Segment; Name: 2 -->
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Register</U>&rdquo; has the
meaning assigned to such term in Section&nbsp;13.06(d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Regulation T</U>,&rdquo; &ldquo;<U>Regulation U</U>&rdquo; and
 &ldquo;<U>Regulation X</U>&rdquo; mean Regulation T, U and X, respectively, of the Board of Governors of the Federal Reserve System,
as in effect from time to time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">&ldquo;<U>Reinvestment
Period</U>&rdquo; means the period from and including the Closing Date to and including the earlier of (a)&nbsp;the date that is the third
anniversary of the Fifth Amendment Effective Date</FONT> <FONT STYLE="color: red"><STRIKE>(or such later date as may be agreed by the
Borrower, the Administrative Agent and each Lender pursuant to Section&nbsp;2.16)</STRIKE></FONT> <FONT STYLE="color: #010101">and (b)&nbsp;the
date of the termination of the Individual Lender Maximum Funding Amounts pursuant to Section&nbsp;6.01.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Related
Documents</U>&rdquo; means, with respect to any Collateral Loan, (i)&nbsp;the loan or credit agreement evidencing such Collateral Loan,
(ii)&nbsp;the principal security agreement, and (iii)&nbsp;if the same can be obtained without undue expense or effort, all other documents
evidencing, securing, guarantying, governing or giving rise to such Collateral Loan but, for the avoidance of doubt, excluding immaterial
certificates, notices and other ancillary documentation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Relevant
Governmental Body</U>&rdquo; means the Federal Reserve Board or the Federal Reserve Bank of New York, or a committee officially endorsed
or convened by the Federal Reserve Board of the Federal Reserve Bank of New York, or any successor thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Relevant Recipients</U>&rdquo;
has the meaning specified in <U>Section&nbsp;13.24(a)</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Relevant
Test Period</U>&rdquo; means, with respect to any Collateral Loan, the relevant test period for the calculation of EBITDA,&nbsp;Interest
Coverage Ratio or Senior Net Leverage Ratio, as applicable, for such Collateral Loan in the applicable Related Documents or, if no such
period is provided for therein, for Obligors delivering monthly financial statements, each period of the last twelve consecutive reported
calendar months, and for Obligors delivering quarterly financial statements, each period of the last four consecutive reported fiscal
quarters of the principal Obligor on such Collateral Loan; <U>provided</U> that, with respect to any Collateral Loan for which the relevant
test period is not provided for in the applicable Related Documents, if an Obligor is a newly-formed entity as to which twelve consecutive
calendar months have not yet elapsed, &ldquo;Relevant Test Period&rdquo; shall initially include the period from the date of formation
of such Obligor or closing date of the applicable Collateral Loan to the end of the twelfth calendar month or fourth fiscal quarter (as
the case may be) from the date of formation or closing, as applicable, and shall subsequently include each period of the last twelve consecutive
reported calendar months or four consecutive reported fiscal quarters (as the case may be) of such Obligor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">&ldquo;<U>Requested Amount</U>&rdquo; has the
meaning assigned to such term in Section&nbsp;2.03.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Required
Lenders</U>&rdquo; means, at any time, (a)&nbsp;Lenders having Percentages aggregating greater than or equal to 66 2/3% and (b)&nbsp;the
Administrative Agent; <U>provided</U> that, in addition to the foregoing, (x)&nbsp;if there are two (2)&nbsp;or more Lenders that are
not Affiliates at such</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Revolving
Exposure</U>&rdquo; means, at any time, the sum of the Dollar Equivalent of the aggregate Unfunded Amount of each Collateral Loan (including
each Ineligible Collateral Loan and each Defaulted Collateral Loan) at such time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Revolving Reserve Account</U>&rdquo;
has the meaning assigned to such term in Section 8.04.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>RIC Distribution
Notice</U>&rdquo; means a written notice setting forth the calculation of the Borrower&rsquo;s net taxable income (determined as if
the Borrower were a domestic corporation for U.S. federal income tax purposes) and of any Permitted Tax Distribution and certifying
that the Equityholder remains a &ldquo;regulated investment company&rdquo; under Subchapter M of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-decoration: underline double; color: blue; font-family: Times New Roman, Times, Serif">&ldquo;Risk
Retention Requirements&rdquo; means the EU Risk Retention Requirement and the UK Risk Retention Requirement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>S&amp;P</U>&rdquo; means S&amp;P
Global Ratings, a Standard&nbsp;&amp; Poor&rsquo;s Financial Services, LLC business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Sale Settlement Condition</U>&rdquo;
means, with respect to any binding commitment of the Borrower to sell a Collateral Loan, a condition that is beyond the control of the
Borrower and/or the Servicer, as certified in writing by the Servicer to the Administrative Agent, which has resulted in the settlement
of such sale not occurring within 30 days of the date of the Borrower entering into such binding commitment to sell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Sale
Settlement Pending Collateral</U>&rdquo; means, on any date of determination, Collateral Loans that the Borrower, within the immediately
preceding 30 days (or if a Sale Settlement Condition applies, within the immediately preceding 60 days (or any longer period to which
the Administrative Agent may agree)), has entered into a binding commitment to sell that has not settled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Sanctioned Country</U>&rdquo;
has the meaning given to such term in Section&nbsp;4.01(r).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Sanctioned
Person</U>&rdquo; has the meaning given to such term in Section&nbsp;4.01(r).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Sanctions</U>&rdquo; means any economic or
trade sanctions or restrictive measures enacted, administered, imposed or enforced by the U.S. Department of the Treasury&rsquo;s
Office of Foreign Assets Control (OFAC), the U.S. Department of State, the United Nations Security Council, the European Union or
any EU member state, the French Republic, Her Majesty&rsquo;s Treasury and/or any other relevant sanctions authority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Scheduled
Distribution</U>&rdquo; means, with respect to any Collateral Loan, for each Due Date, the scheduled payment of principal and/or interest
and/or fees due on such Due Date with respect to such Collateral Loan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Second
Lien Loan</U>&rdquo; means any Collateral Loan (for purposes of this definition, a &ldquo;<U>loan</U>&rdquo;) that meets the following
criteria:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">is
secured by a pledge of collateral, which security interest is validly perfected and second priority (subject to liens permitted under
the related underlying instruments that are reasonable and customary for similar Collateral Loans) under Applicable Law (other than a
Collateral Loan that is second priority to a Permitted Working Capital Lien); and</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Servicer determines in good faith that the value of the collateral securing the Collateral Loan (including based on enterprise value)
on or about the time of origination or acquisition by the Borrower equals or exceeds the outstanding principal balance of the Collateral
Loan plus the aggregate outstanding balances of all other Collateral Loans of equal or higher seniority secured by the same collateral.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Secured
Parties</U>&rdquo; means the Administrative Agent, the Collateral Agent, the Custodian, each Lender and the Securities Intermediary.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Securities
Act</U>&rdquo; means the Securities Act of 1933 and the rules&nbsp;and regulations promulgated thereunder, all as from time to time in
effect.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Securities
Intermediary</U>&rdquo; means U.S. Bank National Association in its capacity as Securities Intermediary under the Account Control Agreement
and any other entity as defined in Section&nbsp;8-102(a)(14) of the UCC.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Securitisation Regulation</U>&rdquo;
<FONT STYLE="color: red"><STRIKE>means</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Regulations&rdquo;
the EU Securitisation</FONT> Regulation <FONT STYLE="color: red"><STRIKE>(EU) 2017/2402</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">and
the UK Securitisation Regulation</FONT>.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Security Entitlement</U>&rdquo;
has the meaning specified in Section&nbsp;8-102(a)(17) of the UCC.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Senior
Net Leverage Ratio</U>&rdquo; means, with respect to any Collateral Loan for any Relevant Test Period, the meaning of &ldquo;Senior
Net Leverage Ratio&rdquo; or any comparable term defined in the Related Documents for such Collateral Loan, and in any case that
 &ldquo;Senior Net Leverage Ratio&rdquo; or such comparable term is not defined in such Related Documents, the ratio of
(a)&nbsp;total indebtedness of the Obligor (other than indebtedness of such Obligor that is junior in terms of lien subordination to
indebtedness of such Obligor held by the Borrower) <I>minus </I>Unrestricted Cash and cash equivalents to (b)&nbsp;EBITDA as
calculated by the Servicer in accordance with the Servicing Standard.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">&ldquo;<U>Servicer</U>&rdquo; means
Ares Capital Corporation, in its capacity as servicer hereunder and any successor thereto in accordance herewith.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Servicer Expense Cap</U>&rdquo;
means, for any Payment Date, an amount not to exceed $75,000 during any twelve (12) month period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><U>further</U>,
that if Term SOFR determined as provided above (including pursuant to the proviso above) shall ever be less than the Floor, then Term
SOFR shall be deemed to be the Floor.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Term
SOFR Administrator</U>&rdquo; means CME Group Benchmark Administration Limited (CBA) (or a successor administrator of the Term SOFR Reference
Rate selected by the Administrative Agent in its reasonable discretion).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Term SOFR Reference Rate</U>&rdquo;
means the forward-looking term rate based on SOFR.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Trade Date</U>&rdquo; has the meaning
assigned to such term in Section&nbsp;1.04(l).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>TTM Recurring
Revenue</U>&rdquo; means, with respect to any Obligor and any date, the Recurring Revenue for such Obligor for the trailing twelve
months ending on such date, as calculated by the Servicer in good faith in accordance with the Servicing Standard using information
from and calculations consistent with the relevant compliance statements and financial reporting packages provided by the relevant
Obligor as per the requirements of the Related Documents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>UCC</U>&rdquo;
means the New York Uniform Commercial Code; provided that if, by reason of any mandatory provisions of law, the perfection, the effect
of perfection or non-perfection or priority of the security interests granted to the Collateral Agent pursuant to this Agreement are governed
by the Uniform Commercial Code as in effect in a jurisdiction of the United States of America other than the State of New York, then &ldquo;<U>UCC</U>&rdquo;
means the Uniform Commercial Code as in effect from time to time in such other jurisdiction for purposes of such perfection, effect of
perfection or non-perfection or priority.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-decoration: underline double; color: blue">&ldquo;<U>UK
Due Diligence Requirements</U>&rdquo; means the due diligence and verification requirements applicable to UK Institutional Investors under
Article&nbsp;5 of the UK Securitisation Regulation (together with any delegated regulations, applicable guidance, regulatory technical
standards, or implementing technical standards made thereunder) in respect of securitization positions, as in effect and/or
amended or supplemented from time to time.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>UK
Financial Institution</U>&rdquo; means any BRRD Undertaking (as such term is defined under the PRA Rulebook (as amended form time to time)
promulgated by the United Kingdom Prudential Regulation Authority) or any person falling within IFPRU 11.6 of the FCA Handbook (as amended
from time to time) promulgated by the United Kingdom Financial Conduct Authority, which includes certain credit institutions and investment
firms, and certain affiliates of such credit institutions or investment firms.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-decoration: underline double; color: blue">&ldquo;<U>UK
Institutional Investor</U>&rdquo; has the meaning given to &ldquo;institutional investor&rdquo; under the UK Securitisation
Regulation.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>UK
Resolution Authority</U>&rdquo; means the Bank of England or any other public administrative authority having responsibility for the resolution
of any UK Financial Institution.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-decoration: underline double; color: blue">&ldquo;<U>UK
Risk Retention Requirement</U>&rdquo; means Article&nbsp;6 of the UK Securitisation Regulation (together with any delegated regulations,
applicable guidance, regulatory technical standards, or implementing technical standards made thereunder).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="text-decoration: underline double; color: blue">&ldquo;<U>UK
Securitisation Regulation</U>&rdquo; means Regulation (EU) 2017/2402 relating to a European framework for simple, transparent and standardised
securitisation in the form in effect on 31 December&nbsp;2020 which forms part of United Kingdom domestic law by virtue
of the European Union (Withdrawal) Act 2018, as amended by the Securitisation (Amendment) (EU Exit) Regulations 2019 of the United Kingdom
and as further amended, varied or substituted from time to time as a matter of UK law, including (i)&nbsp;any technical standards thereunder
as may be effective from time to time and (ii)&nbsp;any guidance relating thereto as may from time to time be published
by the United Kingdom Financial Conduct Authority and/or the United Kingdom Prudential Regulation Authority (or, in each case,
any successor thereto).</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Uncertificated
Security</U>&rdquo; has the meaning specified in Section&nbsp;8-102(a)(18) of the UCC.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Unfunded
Amount</U>&rdquo; means, with respect to any Collateral Loan, as of any date of determination, the unfunded commitment of the Borrower
with respect to such Collateral Loan as of such date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Unrestricted
Cash</U>&rdquo; has the meaning assigned to the term &ldquo;Unrestricted Cash&rdquo; or any comparable term defined in the Related Documents
for each Collateral Loan, and in any case that &ldquo;Unrestricted Cash&rdquo; or such comparable term is not defined in such Related
Documents, all cash available for use for general corporate purposes and not held in any reserve account or legally or contractually restricted
for any particular purposes or subject to any lien (other than blanket liens permitted under or granted in accordance with such Related
Documents).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Unused Fees</U>&rdquo;
has the meaning assigned to such term in the Lender Fee Letter.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>U.S. Government Securities
Business Day</U>&rdquo; means any day except for (a)&nbsp;a Saturday, (b)&nbsp;a Sunday or (c)&nbsp;a day on which the Securities Industry
and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes
of trading in United States government securities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>U.S. Person</U>&rdquo;
means any Person that is a &ldquo;United States person&rdquo; as defined in Section&nbsp;7701(a)(30) of the Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>U.S.
Special Resolution Regimes</U>&rdquo; has the meaning set forth in <U>Section&nbsp;13.25</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: left">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>U.S. Tax Compliance Certificate</U>&rdquo;
has the meaning assigned to such term in Section&nbsp;13.03(g)(iii).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">&ldquo;<U>Volcker Rule</U>&rdquo;
means Section&nbsp;13 of the U.S. Bank Holding Company Act of 1956, as amended, and the applicable rules&nbsp;and regulations thereunder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(vii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;With
respect to loans that are not on the Approved List, the Borrower (or the Servicer on behalf of the Borrower) may send an Approval
Request at any time to the Administrative Agent. If the Administrative Agent receives an Approval Request by 12:00 p.m.&nbsp;New
York City time on any Business Day, the Administrative Agent shall use commercially reasonable efforts to notify the Servicer and
Borrower in writing (including via electronic mail) whether it has approved or rejected such Approval Request by 12:00 p.m.&nbsp;New
York City time on or prior to the second Business Day thereafter (it being understood, for the avoidance of doubt, that (x)&nbsp;any
Approval Request received by the Administrative Agent after 12:00 p.m.&nbsp;New York City time on any Business Day shall be deemed
to have been received on the following Business Day and (y)&nbsp;any Approval Request as to which the Administrative Agent has not
notified the Servicer and Borrower that it has approved such Approval Request by 12:00 p.m.&nbsp;New York City time on or prior to
the second Business Day thereafter shall be deemed to have been rejected); <U>provided</U> <U>further</U> that the Borrower shall have the
ability to commit to purchase any loan approved and added to the Approved List pursuant to this clause (vii)&nbsp;without further
approval by the Administrative Agent only if the Borrower commits to purchase such loan within ten (10)&nbsp;Business Days from the
date of such approval by the Administrative Agent. On the date occurring ten (10)&nbsp;Business Days after the date of such approval
by the Administrative Agent, any such approved loan, if not purchased or committed to be purchased by the Borrower, will be deemed
to be removed from the Approved List.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(viii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="color: #010101">[Reserved.]</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ix)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything in this Agreement to the contrary, the Administrative Agent shall have the right, acting in its sole and absolute
discretion, to <FONT STYLE="font-family: Times New Roman, Times, Serif">(A) approve or reject any Approval Request or any loan in
the Asset List, (B)&nbsp;at any time, rescind the approval of any Approval Request or any loan in the Approved List, and
(C)&nbsp;request additional information reasonably available to the Borrower regarding any proposed Collateral Loan; <U>provided</U>
that any rescission of approval shall not invalidate any commitment to purchase a Collateral Loan entered into by the Borrower (or
the Servicer on its behalf) prior to one hour after the delivery (via email) of such rescission; <U>provided</U>, <U>further</U>
that the Servicer shall not initiate negotiations to acquire any proposed Collateral Loan on the Approved List after receipt of a
notice of rescission in respect thereof.</FONT></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section&nbsp;2.03&#8239;&#8239;&#8239;&#8239;&#8239;<U>Making
of the Advances</U>.&#8239;&#8239;&#8239;&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;If
the Borrower desires that the Lenders make an Advance under this Agreement with respect to any Loan Class&nbsp;in connection with the
Borrower&rsquo;s purchase of a Collateral Loan for which the Approval Request has been approved or which has been identified on the Approved
List pursuant to Section&nbsp;2.02, it shall give the Collateral Agent and the Administrative Agent (with a copy to each Lender) a written
notice (each, a &ldquo;<U>Notice of Borrowing</U>&rdquo;) for such Advance (which notice shall be irrevocable and effective upon receipt)
not later than 2:00 p.m.&nbsp;at least one (1)&nbsp;Business Day <FONT STYLE="font-size: 10pt; color: red"><STRIKE>(or,
in the case of any Advance in a currency other than Dollars, two (2)&nbsp;Business Days)</STRIKE></FONT> prior
to the day of the requested Advance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">direction
of the Administrative Agent. The Servicer or the Administrative Agent, as applicable, shall provide no less than one (1)&nbsp;Business
Day&rsquo;s prior written notice to the Administrative Agent or the Servicer, as applicable, and the Collateral Agent of any such conversion.
The Servicer shall instruct the Collateral Agent, no later than two (2)&nbsp;Business Days immediately preceding each Payment Date, to
convert amounts on deposit in the applicable Collection Account into Dollars pursuant to the definition of &ldquo;Dollar Equivalent&rdquo;
to the extent necessary to make payments required in Dollars hereunder. All risks and expenses incident to such conversion are the responsibility
of the Borrower and the Collateral Agent shall have (x)&nbsp;no responsibility for fluctuations in exchange rates affecting any Collections
or conversion thereof and (y)&nbsp;to the extent it complies with the instructions provided by the Servicer or the Administrative Agent,
no liability for any losses incurred or resulting from the rates obtained in such foreign exchange transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;2.16 <FONT STYLE="color: red"><U><STRIKE>Extension
of Facility Termination Date</STRIKE></U><STRIKE>. The Borrower shall have an option to extend the Facility Termination Date one time,
by not longer than one year, subject to the satisfaction of conditions precedent to be agreed between the parties.</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">[Reserved].</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;2.17</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Defaulting
Lenders</U>. (a)&nbsp;Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender,
then, until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">That
Defaulting Lender&rsquo;s right to approve or disapprove any amendment, waiver or consent with respect to this Agreement shall be restricted
as set forth in Section&nbsp;13.01(d).</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Any
payment of principal, interest, fees or other amounts received by the Administrative Agent for the account of that Defaulting Lender (whether
voluntary or mandatory, at maturity, or otherwise), shall be applied at such time or times as may be determined by the Administrative
Agent as follows: <I>first</I>, to the payment of any amounts owing by that Defaulting Lender to the Administrative Agent hereunder; <I>second</I>,
as the Borrower may request (so long as no Event of Default or Default exists), to the funding of any Advance in respect of which that
Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Administrative Agent; <I>third</I>,
if so determined by the Administrative Agent and the Borrower, to be held as cash collateral for future funding obligations of that Defaulting
Lender to fund Advances under this Agreement; <I>fourth</I>, to the payment of any amounts owing to other Lenders as a result of any judgment
of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result of that Defaulting Lender&rsquo;s
breach of its obligations under this Agreement; <I>fifth</I>, so long as no Event of Default or Default exists, to the payment of any
amounts owing to the Borrower as a result of any judgment of a court of competent jurisdiction obtained by such Borrower against that
Defaulting Lender as a result of that Defaulting Lender&rsquo;s breach of its obligations under this Agreement; and <I>sixth</I>, to that
Defaulting Lender or as otherwise directed by a court of competent jurisdiction; <U>provided</U> that if such payment is a payment of
the principal amount of any Advances in respect of which that Defaulting Lender has not fully funded its appropriate share, such payment
shall be applied solely to pay the Advances of all non-Defaulting Lenders on a <I>pro rata </I>basis prior to being applied to the payment
of any Advances of that</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Taxes</U>.
It has filed all income tax returns and all other material tax returns which are required to be filed by it, if any, and has paid all
income taxes and all other material taxes shown to be due and payable on such returns, if any, or pursuant to any assessment received
by any such Person other than any such taxes, assessments or charges that are being contested in good faith by appropriate proceedings
and for which appropriate reserves in accordance with GAAP have been established.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Anti-Corruption
Laws and Anti-Terrorism Laws</U>. None of the Equityholder, its subsidiaries, their respective directors or officers, or, to the best
knowledge of the Equityholder, their respective employees or Persons Controlling or Controlled by the Equityholder has engaged in any
activity or conduct which would violate any applicable anti-bribery, anti-corruption, anti-terrorism or anti-money laundering laws, regulations
or rules&nbsp;in any applicable jurisdiction and the Equityholder has instituted and maintains policies and procedures designed to prevent
violation of such laws, regulations and rules.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Sanctions</U>.
None of the Equityholder, its subsidiaries, their respective directors or officers, or, to the best knowledge of the Equityholder, their
respective employees or Persons Controlling or Controlled by the Equityholder is a Person that is, or is owned or controlled by Persons
that are: (i)&nbsp;a Sanctioned Person or (ii)&nbsp;located, organized or resident in, or whose government is, a Sanctioned Country.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Default.</U> Neither it nor any of its subsidiaries is in default under or with respect to any contractual obligation or restriction that
could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>No
Proceedings</U>. There is no litigation, proceeding or investigation pending or, to its knowledge, threatened against it before any Governmental
Authority (i)&nbsp;asserting the invalidity of any Facility Document to which it is a party, (ii)&nbsp;seeking to prevent the consummation
of any of the transactions contemplated by any Facility Document to which it is a party or (iii)&nbsp;that could reasonably be expected
to have a Material Adverse Effect.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Information</U>.
All information heretofore or hereafter furnished by it or on its behalf in its capacity as Equityholder to any Secured Party in connection
with the Facility Documents or any transaction contemplated hereby or thereby is and will be (when taken as a whole) true, complete and
correct in all material respects as of the date such information is stated or certified and does not and will not omit to state a material
fact necessary to make the statements contained therein not misleading.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(o)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Originator</U>.
It is an &ldquo;originator&rdquo; for the purposes of the Securitisation <FONT STYLE="font-size: 10pt; color: red"><STRIKE>Regulation</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Regulations</FONT>
in respect of the Retention Holder Originated Collateral Loans.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Establishment</U>.
It has established, and, in its capacity as Servicer, manages the securitisation contemplated by the Facility Documents.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Sole
purpose</U>. It (i)&nbsp;is not an entity that has been established or operates for the sole purpose of securitising exposures and (ii)&nbsp;has
the capacity to meet its payment obligations from resources not related to the exposures it securitises.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(r)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<U>Collateral
Loans</U>. As of the date hereof, <FONT STYLE="font-size: 10pt; color: red"><STRIKE>more than 50% of the Collateral Loans held
by the Borrower are</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">the Aggregate Principal Balance of all</FONT> Retention
Holder Originated Collateral Loans <FONT STYLE="text-decoration: underline double; color: blue"><I>divided by </I>the Aggregate Principal
Balance of all Collateral Loans, is greater than or equal to 5%</FONT>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>ARTICLE&nbsp;V</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B><FONT STYLE="color: #010101">COVENANTS</FONT></B></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-size: 10pt">Section&nbsp;5.01</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Affirmative
Covenants of the Borrower. The Borrower covenants and agrees that, until the Collection Date:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Compliance
with Agreements, Laws, Etc.</U> It shall (i)&nbsp;duly observe and comply in all material respects with all Applicable Laws relative to
the conduct of its business or to its assets, (ii)&nbsp;preserve and keep in full force and effect its legal existence, (iii)&nbsp;preserve
and keep in full force and effect its rights, privileges, qualifications and franchises, except where the failure to do so could not reasonably
be expected to result in a Material Adverse Effect, (iv)&nbsp;comply with the terms and conditions of each Facility Document to which
it is a party, its Constituent Documents and each Related Document to which it is a party and (v)&nbsp;obtain, maintain and keep in full
force and effect all Governmental Authorizations, Private Authorizations and Governmental Filings which are necessary to properly carry
out its business and the transactions contemplated to be performed by it under the Facility Documents to which it is a party, its Constituent
Documents and the Related Documents to which it is a party, except, in the case of this clause (v), where the failure to do so would not
reasonably be expected to have a Material Adverse Effect.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="color: #010101"><U>Enforcement</U>.</FONT></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">It
shall not take any action that would release any Obligor from any of such Obligor&rsquo;s material covenants or obligations under any
instrument or agreement included in the Collateral, except in the case of (A)&nbsp;repayment of Collateral Loans, (B)&nbsp;subject to
the terms of this Agreement, (1)&nbsp;amendments to Collateral Loans in accordance with the Servicing Standard and (2)&nbsp;actions taken
in connection with the work out or restructuring of any Collateral Loan in accordance with the provisions hereof, and (C)&nbsp;other actions
by the Servicer required hereby or otherwise to the extent not prohibited by, or in conflict with, this Agreement.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">It
will perform all of its obligations and agreements contained in this Agreement or any other Facility Document to which such Person is
a party.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt"><U>Further
Assurances</U>. It shall promptly upon the reasonable request of either Agent or the Required Lenders (through the Administrative Agent),
at its expense, execute and deliver such further instruments and take such further action in order to maintain and protect the Collateral
Agent&rsquo;s first-priority perfected security interest in the Collateral pledged by the Borrower for the benefit of the Secured Parties
free and clear of any Liens (other than Permitted Liens). At the request of either Agent or the Required Lenders (through the Administrative</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Borrower ceases to have a valid ownership interest in all of the Collateral (subject to Permitted Liens);</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Borrower assigns any of its rights, obligations, or duties under the Facility Documents without the prior written consent of each Lender;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Borrower&rsquo;s assets (or the Collateral) constitute &ldquo;plan assets&rdquo; for purposes of the Plan Asset Rule;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(i)&nbsp;any
Facility Document or any material provision thereof shall (except in accordance with its terms) terminate, cease to be effective or cease
to be the legally valid, binding and enforceable obligation of the Borrower, the Equityholder or the Servicer, (ii)&nbsp;the Borrower,
the Equityholder, the Servicer or any Governmental Authority shall, directly or indirectly, contest in any manner the effectiveness, validity,
binding nature or enforceability of any Facility Document or any Lien purported to be created thereunder, or (iii)&nbsp;any Lien securing
any obligation under any Facility Document shall, in whole or in part, cease to be a first priority perfected security interest of the
Collateral Agent, except as otherwise permitted in accordance with the Facility Documents (subject to Permitted Liens);</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)</FONT><FONT STYLE="color: #010101">&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;an
Insolvency Event relating to the Borrower or the Equityholder;</FONT></P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(j)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="color: #010101">failure
to reduce all Obligations to $0 by the Final Maturity Date;</FONT></P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(k)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="color: #010101">[reserved];</FONT></P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(l)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
occurrence of an OC Ratio Breach <FONT STYLE="font-size: 10pt; color: red"><STRIKE>and such OC Ratio Breach remains unremedied
for a period of 10 consecutive Business Days without being cured</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue"><U>not cured
in accordance with Section&nbsp;6.02</U></FONT>;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(m)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
rendering of one or more final judgments, decrees or orders by a court or arbitrator of competent jurisdiction for the payment of money
in excess individually or in the aggregate of $250,000, with respect to the Borrower (net of amounts covered by insurance), and the Borrower
shall not have either (i)&nbsp;discharged or provided for the discharge of any such judgment, decree or order in accordance with its terms
or (ii)&nbsp;perfected a timely appeal of such judgment, decree or order and caused the execution of same to be stayed during the pendency
of the appeal, in each case, within sixty (60) days from the date of entry thereof;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
Borrower fails to have at least one Independent Director; <U>provided</U> that the resignation of an Independent Director or the removal
of an Independent Director for &ldquo;cause&rdquo; shall not affect this clause (n)&nbsp;unless the Borrower fails to appoint a new Independent
Director within ten (10)&nbsp;Business Days of the effective date of such removal or resignation;</FONT></P>

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<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">any
Payment Date Report shall fail to be delivered when due and such failure shall continue for three (3)&nbsp;Business Days after receipt
of written notice thereof to the Borrower and the Servicer by the Administrative Agent;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(p)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="color: #010101">(i)&nbsp;a
Servicer Removal Event or (ii)&nbsp;a Change of Control occurs;</FONT></P>



<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">In
addition, upon the occurrence and during the continuation of an Event of Default (and with respect to the remedy provided in clause
(w)&nbsp;below, upon the occurrence and during the continuation of an Event of Default described in clause (p)(i)&nbsp;above),
following written notice by the Administrative Agent (provided in its sole discretion or at the direction of the Required Lenders)
to the Servicer of the exercise of control rights with respect to the Collateral, the Administrative Agent may exercise such rights,
including: (v)&nbsp;the exercise of the Servicer&rsquo;s rights and obligations under the Facility Documents, including its
unilateral power to <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(A)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">consent
to modifications to Collateral Loans, (B)&nbsp;take any discretionary action with respect to Collateral Loans and (C)&nbsp;direct
the acquisition, sales and other dispositions of Collateral Loans to be immediately terminated; (w)&nbsp;subject to delivery of a
Servicer Removal Notice, remove the Servicer and transfer of the Servicer&rsquo;s rights and obligations under the Facility
Documents to a Replacement Servicer; (x)&nbsp;if the Servicer is not terminated or otherwise replaced, to require the Servicer to
obtain the consent of the Administrative Agent before agreeing to any modification of any Collateral Loan, taking any discretionary
action with respect to any Collateral Loan or causing the Borrower to sell or otherwise dispose of any Collateral Loan; (y)&nbsp;if
the Servicer is not terminated or otherwise replaced, to require the Servicer to cause the Borrower to sell or otherwise dispose of
any Collateral Loan as directed by the Administrative Agent pursuant to Section&nbsp;7.03, and (z)&nbsp;with respect to any specific
Collateral Loan, to require the Servicer to take such discretionary action with respect to such Collateral Loan as directed by the
Administrative Agent.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">Section&nbsp;6.02&#8239;&#8239;&#8239;&#8239;&#8239;<U>OC
Ratio Breach Cures</U>.&#8239;&#8239;&#8239;&#8239;&#8239;(a)&#8239;&#8239;&#8239;&#8239;&#8239;Notwithstanding
anything to the contrary in this Agreement, if <FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">(x)</FONT>&nbsp;an
OC Ratio Breach has occurred <FONT STYLE="text-decoration: underline double; color: blue">and (y)&nbsp; the Servicer provides</FONT>,
within <FONT STYLE="font-size: 10pt; color: red"><STRIKE>ten</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">three</FONT> (<FONT STYLE="font-size: 10pt; color: red"><STRIKE>10</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">3</FONT>)
Business Days <FONT STYLE="font-size: 10pt; color: red"><STRIKE>of the occurrence of such OC Ratio
Breach,</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">following the occurrence of such OC Ratio Breach, evidence
satisfactory to the Administrative Agent, as determined by the Administrative Agent in
its sole discretion, that the Borrower will promptly cure such OC Ratio Breach, then</FONT> the
Equityholder may, but shall not be required to, cure such condition by effecting one or more (or any combination thereof) of the
following actions in order to cure such OC Ratio Breach as of such date of determination <FONT STYLE="text-decoration: underline double; color: blue">no
later than ten (10)&nbsp;Business Days following the occurrence of such OC Ratio Breach</FONT>:
(i)&nbsp;making a cash payment into the Principal Collection Subaccount in an amount (which shall be in increments of $500,000) that
would cause such OC Ratio Breach to be cured after giving effect to such payment into the Principal Collection Subaccount (any such
payment, an &ldquo;<U>OC Ratio Posting Payment</U>&rdquo;), (ii)&nbsp;repaying or causing the Borrower to repay outstanding
Advances, and/or (iii) subject to the approval of the Administrative
Agent, in its sole discretion, by assignment and contribution of additional Eligible Collateral Loans to the Borrower.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="color: #010101">No
later than 3:00 p.m.&nbsp;on the Business Day prior to the proposed repayment of outstanding Advances or assignment of additional
Eligible Collateral Loans pursuant to Section&nbsp;6.02(a), the Borrower (or the Equityholder on its behalf) shall deliver
(i)&nbsp;to the Administrative Agent (with a copy to the Collateral Agent) notice of such repayment or assignment and a duly
completed Borrowing Base Calculation Statement, updated to the date such repayment or assignment is being made and giving <I>pro
forma </I>effect to such repayment or assignment, and (ii)&nbsp;to the Administrative Agent, if applicable, a description of any
Eligible Collateral Loan and each Obligor of such Eligible Collateral Loan to be assigned and added to warranties of the Servicer
set forth in any Facility Document or in any certificate, statement or report delivered in connection therewith to be true when made
or when deemed made or repeated and (iii)&nbsp;by reason of any gross negligence, bad faith or willful misconduct (as determined by
the final non-appealable judgment of a court of competent jurisdiction) on the part of the Servicer in its capacity as Servicer; <U>except</U>
the Servicer shall not be liable to the extent any such Liability (x)&nbsp;results from the performance or non-performance of the
Collateral Loans or (y)&nbsp;is found in a final, non-appealable judgment by a court of competent jurisdiction to have resulted from
any Indemnified Party&rsquo;s bad faith, gross negligence or willful misconduct; <U>provided</U> that any payment hereunder which
relates to taxes, levies, imposes, deductions, charges and withholdings, and all liabilities (including penalties, interest and
expenses) with respect thereto, or additional sums described in Sections 2.10, 2.11 or 13.03, shall not be covered by this
Section&nbsp;13.04(c). The Servicer shall not have any liability hereunder to any Indemnified Party to the extent an Indemnified
Party affects any settlement of a matter that is (or could be) subject to indemnification hereunder without the prior written
consent of the Servicer (which consent shall not be unreasonably withheld or delayed).</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(d)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="color: #010101">The
Equityholder agrees to indemnify and hold harmless each Indemnified Party from and against any and all Liabilities that may be incurred
by or asserted or awarded against any Indemnified Party, in each case arising out of or in connection with or by reason of any one or
more of the following: (i)&nbsp;any breach by the Equityholder of any covenant or any of its obligations set forth in Section&nbsp;13.22
and (ii)&nbsp;the failure of any of the representations or warranties of the Equityholder set forth in Section&nbsp;4.03 (o), (p), (q)&nbsp;and
(r)&nbsp;and Section&nbsp;13.22 or in any certificate, statement or report delivered in connection therewith to be true when made or when
deemed made or repeated.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;13.05 <FONT STYLE="color: #010101"><U>Execution
in Counterparts</U>. This Agreement may be executed in any number of counterparts and by different parties hereto on separate counterparts,
each of which counterparts, when so executed and delivered, shall be deemed to be an original and all of which counterparts, taken together,
shall constitute but one and the same Agreement. Delivery of an executed signature page&nbsp;of this Agreement by facsimile or other electronic
transmission shall be effective as delivery of a manually executed counterpart hereof.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Section&nbsp;13.06
<FONT STYLE="color: #010101"><U>Assignability</U>.</FONT></FONT><FONT STYLE="color: #010101">&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Each
Lender may, with the consent of the Administrative Agent and the Borrower, assign to an assignee all or a portion of its rights and obligations
under this Agreement (including all or a portion of its outstanding Advances or interests therein owned by it, together with ratable portions
of its Individual Lender Maximum Funding Amount); <U>provided</U> that:</FONT></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">each
of the Borrower&rsquo;s and the Administrative Agent&rsquo;s consent to any such assignment (A)&nbsp;shall not be unreasonably withheld
or delayed and (B)&nbsp;shall not be required if the assignee is a Permitted Assignee with respect to such assignor; and</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;the
Borrower&rsquo;s consent to any such assignment pursuant to this Section&nbsp;13.06(a)&nbsp;shall not be required <FONT STYLE="color: red"><STRIKE>(</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">if
(x)</FONT>&nbsp;other than with respect to an assignment to an Ares Competitor<FONT STYLE="color: red"><STRIKE>) if (x)</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">,
</FONT>a Default <FONT STYLE="text-decoration: underline double; color: blue">shall have occurred and be continuing, or
(y)&nbsp;other than with respect to an assignment to an Ares Competitor, such assignment is required by any Change
in Law</FONT> or <FONT STYLE="text-decoration: underline double; color: blue">(z)</FONT>&nbsp;an Event of Default shall have
occurred (and not been waived by the Lenders in accordance with Section&nbsp;13.01) <FONT STYLE="color: red"><STRIKE>or</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">and
either</FONT> (<FONT STYLE="color: red"><STRIKE>y</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">1</FONT>) such assignment is <FONT STYLE="color: red"><STRIKE>required
by any Change in Law</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">not to an Ares Competitor or (2)&nbsp;such Event of Default occurred
under Section&nbsp;6.01(a), (b)&nbsp;or (i)&nbsp;and has been continuing for at least thirty (30) days</FONT>.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">The parties
to each such assignment shall execute and deliver to the Administrative Agent (with a copy to the Collateral Agent) an Assignment and
Acceptance and the applicable tax forms required by Section&nbsp;13.03(g). Notwithstanding any other provision of this Section&nbsp;13.06,
no assignment by any Lender to the Borrower or any of its Affiliates shall be permitted.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Borrower may not assign its rights or obligations hereunder or any interest herein without the prior written consent of the Agents and</FONT>
<FONT STYLE="font-size: 10pt; color: red"><STRIKE>the Lenders</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">each Lender</FONT>.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in">(c)&#8239;&#8239;&#8239;&#8239;&#8239;(i)&#8239;&#8239;&#8239;&#8239;&#8239;Any
Lender may, without the consent of (other than with respect to a participation to an Ares Competitor), but with notice to, the Borrower,
sell participations to Participants in all or a portion of such Lender&rsquo;s rights and obligations under this Agreement; <U>provided
</U>that (A)&nbsp;such Lender&rsquo;s obligations under this Agreement shall remain unchanged, (B)&nbsp;such Lender shall remain solely
responsible to the other parties hereto for the performance of such obligations, (C)&nbsp;such Borrower, the Agents and the other Lenders
shall continue to deal solely and directly with such Lender in connection with such Lender&rsquo;s rights and obligations under this
Agreement, and (D)&nbsp;each Participant shall have agreed to be bound by this Section&nbsp;13.06(c), Section&nbsp;13.06(d), Section&nbsp;13.06(e)&nbsp;and
Section&nbsp;13.17<FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">; <U>provided</U>,
<U>further</U> that the consent of the Borrower shall not be required in connection with a participation to an Ares
Competitor if an Event of Default shall have occurred under Section&nbsp;6.01(a), (b)&nbsp;or (i)&nbsp;(and shall not been waived by
the Lenders in accordance with Section&nbsp;13.01) and such Event of Default has been continuing
for at least thirty (30) days</FONT>. Any agreement pursuant to
which a Lender sells such a participation shall provide that such Lender shall retain the sole right to enforce this Agreement and to
approve any amendment, modification or waiver of any provision of this Agreement; <U>provided</U> that such agreement may provide that
such Lender will not, without the consent of the Participant, agree to any Fundamental Amendment. Sections 2.10, 2.11, and 13.03 shall
apply to each Participant as if it were a Lender and had acquired its interest by assignment pursuant to clause (a)&nbsp;of this Section&nbsp;13.06
(subject to the requirements and limitations set forth in Section&nbsp;13.03, including the requirements under Section&nbsp;13.03(g));
provided that (A)&nbsp;such Participant agrees to be subject to the provisions of Section&nbsp;13.03(g)&nbsp;as if it were an assignee
under clause (a)&nbsp;of this Section&nbsp;13.06 and (B)&nbsp;no Participant shall be entitled to any amount under Section&nbsp;2.10,
2.11, or 13.03 which is greater than the amount the related Lender would have been entitled to under any such Sections or provisions
if the applicable participation had not occurred, except to the extent such entitlement to receive a greater amount results from a Change
in Law that occurs after the Participant acquired the applicable participation.</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in">(ii)&nbsp; <FONT STYLE="color: #010101">In
the event that any Lender sells participations in any portion of its rights and obligations hereunder, such Lender as nonfiduciary agent
for the Borrower shall maintain a register on which it enters the name and address of all participants in the Advances held by it and
the principal amount (and stated interest thereon) of the portion of the Advance which is the subject of the participation (the &ldquo;<U>Participant
Register</U>&rdquo;); <U>provided</U> that no Lender shall have any obligation to disclose all or any portion of the</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;13.20
<FONT STYLE="color: #010101"><U>Acknowledgement and Consent to Bail-In of Affected Financial Institutions</U>. Notwithstanding anything
to the contrary in any Facility Document or in any other agreement, arrangement or understanding among any such parties, each party hereto
acknowledges and accepts that any liability of any Affected Financial Institution arising under or in connection with any Facility Document,
to the extent such liability is unsecured, may be subject to the write-down and conversion powers of the applicable Resolution Authority
and agrees and consents to, and acknowledges and agrees to be bound by:</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
application of any Write-Down and Conversion Powers by the applicable Resolution Authority to any such liabilities arising hereunder which
may be payable to it by any party hereto that is an Affected Financial Institution; and</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(b)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="color: #010101">the effects of any Bail-in Action on any such liability, including, if </FONT>applicable:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif">(i)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;</FONT><FONT STYLE="color: #010101">a
reduction in full or in part, in the principal amount, or outstanding </FONT>amount due (including any accrued but unpaid interest),
or cancellation of any such liability;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">a
conversion of all, or a portion of, such liability into shares or other instruments of ownership in such Affected Financial Institution,
its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that such shares or other instruments
of ownership will be accepted by it in lieu of any rights with respect to any such liability under this Agreement or any other Facility
Document; or</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify; text-indent: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(iii)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">the
variation of the terms of any Facility Document to the extent necessary to give effect to any Bail-in Action in relation to such liability.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;13.21 <FONT STYLE="color: #010101"><U>WAIVER
OF SOVEREIGN IMMUNITY</U>. To the extent that any of the Borrower, Servicer or Equityholder may be entitled, in any jurisdiction in which
judicial proceedings may at any time be commenced with respect to this Agreement or any other Facility Document, to claim for itself or
its revenues, assets or properties any immunity from suit, the jurisdiction of any court, attachment prior to judgment, attachment in
aid of execution of a judgment, set-off, execution of a judgment or any other legal process, and to the extent that in any such jurisdiction
there may be attributed such immunity (whether or not claimed), each of the Borrower, the Servicer and the Equityholder irrevocably agrees
not to claim and hereby irrevocably waives such immunity to the fullest extent permitted by the laws of such jurisdiction and hereby agrees
that the foregoing waiver shall be enforced to the fullest extent permitted under the Foreign Sovereign Immunities Act of 1976 of the
United States of America, as amended, and is intended to be irrevocable for the purpose of such act.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;13.22
<U>Securitisation </U><FONT STYLE="color: red"><STRIKE>Regulation</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">Regulations&rsquo;</FONT>
Requirements. The Equityholder hereby represents and covenants, for the benefit of the Administrative Agent,
the Lenders, the Collateral Agent (for the benefit of the Secured Parties) and, in respect of paragraphs (d)&nbsp;and (e)&nbsp;below only,
the Servicer that, for so long as any Advance remains outstanding:</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">(a)&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;it
will retain, as originator (for the purpose of the Securitisation <FONT STYLE="font-size: 10pt; color: red"><STRIKE>Regulation</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">Regulations</FONT>),
on an ongoing basis, a material net economic interest in the form specified in paragraph (d)&nbsp;of Article&nbsp;6(3)&nbsp;of <FONT STYLE="text-decoration: underline double; color: blue">each
of</FONT> the Securitisation <FONT STYLE="font-size: 10pt; color: red"><STRIKE>Regulation</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">Regulations</FONT>,
being retention of the first loss tranche and, if necessary, other tranches having the same or a more severe risk profile than those transferred
or sold to investors and not maturing any earlier than those transferred or sold to investors, through maintaining funding to the Borrower
under the LLC Agreement, in an amount equal to not less than 5% of the Retention Basis Amount (such net economic interest being the &ldquo;<U>Retained
Interest</U>&rdquo;);</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">neither
it nor any of its Affiliates will sell, hedge, enter into a short position or otherwise mitigate its credit risk under or associated with
the Retained Interest where to do so would cause the transaction contemplated by the Facility Documents to cease to be compliant with
the</FONT> <FONT STYLE="font-size: 10pt; color: red"><STRIKE>EU</STRIKE></FONT> <FONT STYLE="font-size: 10pt">Risk Retention</FONT>
<FONT STYLE="font-size: 10pt; color: red"><STRIKE>Requirement</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">Requirements</FONT><FONT STYLE="font-size: 10pt">;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
will provide to the Administrative Agent and/or any Lender that is subject to the <FONT STYLE="color: red"><STRIKE>EU</STRIKE></FONT>
Due Diligence Requirements, the information, documents, reports and notifications that the Administrative Agent and/or such Lender
reasonably requests as necessary to enable compliance with any of their obligations under the <FONT STYLE="color: red"><STRIKE>EU</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">applicable </FONT>Due
Diligence Requirements; <U>provided</U> that (i)&nbsp;such information is not subject to any duty of confidentiality and (x)&nbsp;in
its possession or (y)&nbsp;not in its possession but obtainable using commercially reasonable efforts and without material expense
(<U>provided </U>further that, if obtaining such information, documents, reports or notifications would involve material expense but
the requesting Lender agrees to reimburse it, then it shall obtain the same) and (ii)&nbsp;such disclosure is not contrary to any
requirement of law or regulation applicable to it;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
will confirm to each of the Borrower, the Administrative Agent, the Servicer, each Lender and the Collateral Agent, its continued compliance
with the covenants set out at paragraphs (a)&nbsp;and (b)&nbsp;above in each Payment Date Report;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
will promptly notify the Borrower, the Administrative Agent, the Servicer, each Lender and the Collateral Agent in writing if for any
reason it fails to comply with either of the covenants set out in paragraphs (a)&nbsp;or (b)&nbsp;above in any way;</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">it
will notify each of its Affiliates of the contents of paragraph (b)&nbsp;above and shall use reasonable endeavors to procure that each
of its Affiliates complies with the terms of paragraph (b)&nbsp;as if it were a party thereto; and</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">(A)&nbsp;in
relation to each Collateral Loan acquired by the Borrower which is a Retention Holder Originated Collateral Loan pursuant to part (a)&nbsp;of
the definition thereof, it applied sound and well-defined credit granting criteria to the origination of the Collateral Loan; <FONT STYLE="font-family: Times New Roman, Times, Serif">(B)
in relation to each Collateral Loan acquired by the Borrower which is a Retention Holder Originated Collateral Loan pursuant to part
(b)&nbsp;of the definition thereof, it has verified, in light of the information available to it and subject to its usual standard of
care, and reasonably believes that the entity which was, directly or indirectly, involved in the original agreement which created the
Collateral Loan applied sound and well-defined credit granting criteria to the origination of the Collateral Loan, and that it maintained
clearly established processes for approving, amending, modifying, renewing and financing the Collateral Loan and had effective systems
in place to apply those criteria and processes to ensure that the Collateral Loan was granted and approved based on a thorough assessment
of the relevant Obligor&rsquo;s creditworthiness; and (C)&nbsp;it has, and reasonably expects to maintain, clearly established criteria
and processes for originating, amending, modifying, renewing and financing the Collateral Loans (the &ldquo;<U>Collateral Loan Originations
and Revisions</U>&rdquo;) and has effective systems in place to apply those criteria and processes to ensure that Collateral Loan Originations
and Revisions are granted and approved based on a thorough assessment of each Obligor&rsquo;s creditworthiness.</FONT></FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Notwithstanding
anything to the contrary contained herein, neither the Equityholder nor the Borrower makes any representation as to compliance of the
transaction or any of the parties hereto with respect to</FONT> <FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">each
of</FONT> <FONT STYLE="font-size: 10pt">the Securitisation</FONT> <FONT STYLE="font-size: 10pt; color: red"><STRIKE>Regulation</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">Regulations</FONT><FONT STYLE="font-size: 10pt">.
Any Person accepting the benefits of this Section&nbsp;13.22 and/or paragraphs (o)&nbsp;to (r)&nbsp;of Section&nbsp;4.03 above (including
any related definitions or provisions) shall be deemed to have agreed to the terms set forth in this paragraph and each Lender hereby
represents it is not relying on any of the Borrower, the Servicer or the Equityholder or any of the respective Affiliates, for any financial,
tax, legal, accounting or regulatory advice in connection with the matters set forth in this Section</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">13.22</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">and/or
paragraphs (o)&nbsp;to (r)&nbsp;of Section&nbsp;4.03 above. For the avoidance of doubt, none of this Section&nbsp;13.22 and/or paragraphs
(o)&nbsp;to (r)&nbsp;of Section&nbsp;4.03 constitute regulatory advice.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;13.23 <FONT STYLE="color: #010101"><U>Adequacy
of Monetary Damages Against the Lenders</U>. Each of the Borrower, the Servicer and the Equityholder hereby acknowledges and agrees that
(i)&nbsp;any and all claims, damages and demands against the Administrative Agent or the Lenders arising out of, or in connection with,
the exercise by the Administrative Agent or the Lenders of any Administrative Agent or any of the Lenders&rsquo; rights or remedies pursuant
to this Agreement can be sufficiently and adequately remedied by monetary damages, (ii)&nbsp;no irreparable injury will be caused to the
Borrower, the Servicer or the Equityholder as a result of, or in connection with, any such claims, damages or demands, and (iii)&nbsp;no
equitable or injunctive relief shall be sought by the Borrower, the Servicer or the Equityholder as a result of, or in connection with,
any such claims, damages or demands; <U>provided</U> that this Section&nbsp;13.23 shall not constitute a waiver of any rights of the Borrower,
the Servicer or the Equityholder to seek injunctive relief to enforce its rights under Section&nbsp;13.09.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1in">Section&nbsp;13.24 <FONT STYLE="color: #010101"><U>EU Transparency
Requirements</U>.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">The
Borrower has agreed to be the designated reporting entity for purposes of Article&nbsp;7(2)&nbsp;of the</FONT> <FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">EU </FONT><FONT STYLE="font-size: 10pt">Securitisation
Regulation, and has agreed to make available to <FONT STYLE="font-family: Times New Roman, Times, Serif">(A)&nbsp;any Lender,
(B)&nbsp;any potential Lender and (C)&nbsp;any Competent Authority (as defined under the </FONT></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">EU </FONT><FONT STYLE="font-size: 10pt">Securitisation</FONT> <FONT STYLE="font-size: 10pt; color: red"><STRIKE>Regulation</STRIKE></FONT><FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">Regulations</FONT><FONT STYLE="font-size: 10pt">)
(each, a &ldquo;<U>Relevant Recipient</U>&rdquo;) the documents, reports and information necessary to fulfil any applicable
reporting obligations under the EU Transparency Requirements, including, but not limited to each of the Investor Reports and the
Portfolio Reports.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">Without
prejudice to their rights hereunder and without accepting any liability, each Relevant Recipient a party hereto acknowledges (or in
the case of additional Lenders, shall acknowledge) that the agreed form of the transaction summary as set out in <U>Schedule 10</U>
is the transaction summary to be provided to each Relevant Recipient by the Borrower in accordance with the requirements of
Article&nbsp;7(1)(c)&nbsp;of the</FONT> <FONT STYLE="font-size: 10pt; text-decoration: underline double; color: blue">EU</FONT> <FONT STYLE="font-size: 10pt">Securitisation
Regulation. The Borrower (or the Servicer on its behalf) shall make the same available to the Competent Authorities to the extent
required under the EU Transparency Requirements.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 1in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</FONT>&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;&#8239;<FONT STYLE="font-size: 10pt">None
of the Borrower and the Servicer shall be liable for the relevant Lender&rsquo;s compliance with such Lender&rsquo;s own obligations under
the Securitisation Regulation or any other similar regulatory obligations. For the avoidance of doubt, the preceding sentence shall not
limit the liability of the Borrower or the Servicer for any breach of their respective obligations under this Agreement, including this
Section&nbsp;13.24.</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 1in">Section&nbsp;13.25 <FONT STYLE="color: #010101"><U>Acknowledgement
Regarding Any Supported QFCs</U>. To the extent that this Agreement provides support, through a guarantee or otherwise, for hedge agreements
or any other agreement or instrument that is a QFC (such support, &ldquo;<U>QFC Credit Support</U>&rdquo; and each such QFC a &ldquo;<U>Supported
QFC</U>&rdquo;), the parties acknowledge and agree as follows with respect to the resolution power of the Federal Deposit Insurance Corporation
under the Federal Deposit Insurance Act and Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (together with the
regulations promulgated thereunder, the &ldquo;<U>U.S. Special Resolution Regimes</U>&rdquo;) in respect of such Supported QFC and QFC
Credit Support (with the provisions below applicable notwithstanding that this Agreement and any Supported QFC may in fact be stated to
be governed by the laws of the State of New York and/or of the United States or any other state of the United States):</FONT></P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In the event a
Covered Entity that is party to a Supported QFC (each, a &ldquo;<U>Covered Party</U>&rdquo;) becomes subject to a proceeding under a
U.S. Special Resolution Regime, the transfer of such Supported QFC and the benefit of such QFC Credit Support (and any interest and
obligation in or under such Supported QFC and such QFC Credit Support, and any rights in property securing such Supported QFC or
such QFC Credit Support) from such Covered Party will be effective to the same extent as the transfer would be effective under the
U.S. Special Resolution Regime if the Supported QFC and such QFC Credit Support (and any such interest, obligation and rights in
property) were governed by the laws of the United States or a state of the United States. In the event a Covered Party or a BHC Act
Affiliate of a Covered Party becomes subject to a proceeding under a U.S. Special Resolution Regime, Default Rights under this
Agreement that might otherwise apply to such Supported QFC or any QFC Credit Support that may be exercised against such Covered
Party are permitted to be exercised to no greater extent than such Default Rights could be exercised under the U.S. Special
Resolution Regime if the Supported QFC and this Agreement were governed by the laws of the United States or a state of the United
States. Without limitation of the foregoing, it is understood and agreed that rights and remedies of the parties with respect to a
Defaulting Lender shall in no event affect the rights of any Covered Party with respect to a Supported QFC or any QFC Credit
Support.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>SCHEDULE I</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">INITIAL
INDIVIDUAL LENDER MAXIMUM FUNDING AMOUNTS AND PERCENTAGES</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border: #010101 1pt solid; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lender</FONT></TD>
    <TD STYLE="border-top: #010101 1pt solid; border-right: #010101 1pt solid; border-bottom: #010101 1pt solid; text-align: center; width: 34%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>Initial </STRIKE></FONT><FONT STYLE="color: #010101">Individual Lender Maximum<BR>
 Funding Amount</FONT></TD>
    <TD STYLE="text-align: center; border-top: #010101 1pt solid; border-right: #010101 1pt solid; border-bottom: #010101 1pt solid; width: 33%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Percentage of </FONT><FONT STYLE="color: red"><STRIKE>Initial </STRIKE></FONT><FONT STYLE="color: #010101">Individual<BR>
 Lender Maximum Funding Amount<BR>
 to Maximum Facility Amount</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: #010101 1pt solid; border-bottom: #010101 1pt solid; border-left: #010101 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">BNP Paribas</FONT></TD>
    <TD STYLE="text-align: center; border-right: #010101 1pt solid; border-bottom: #010101 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$700,000,000</FONT></TD>
    <TD STYLE="text-align: center; border-right: #010101 1pt solid; border-bottom: #010101 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>88.61%</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">80.92%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: center; border-right: #010101 1pt solid; border-bottom: #010101 1pt solid; border-left: #010101 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">State Street Bank and Trust Company</FONT></TD>
    <TD STYLE="text-align: center; border-right: #010101 1pt solid; border-bottom: #010101 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">$90,000,000</FONT></TD>
    <TD STYLE="text-align: center; border-right: #010101 1pt solid; border-bottom: #010101 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: red"><STRIKE>11.39%</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: blue">10.40%</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #CCCCFF">
    <TD STYLE="text-align: center; border-right: #010101 1pt solid; border-bottom: #010101 1pt solid; border-left: #010101 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double; color: blue">Standard Chartered Bank</FONT></TD>
    <TD STYLE="text-align: center; border-right: #010101 1pt solid; border-bottom: #010101 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double; color: blue">$75,000,000</FONT></TD>
    <TD STYLE="text-align: center; border-right: #010101 1pt solid; border-bottom: #010101 1pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-decoration: underline double; color: blue">8.67%</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.SCH
<SEQUENCE>3
<FILENAME>arcc-20231214.xsd
<DESCRIPTION>XBRL TAXONOMY EXTENSION SCHEMA
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" ?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.20c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
    <!-- Field: Doc-Info; Name: Misc; Value: +aA5w7xRiXgen8uLa3ZcWamO+bOdzZR+mYkxtmBwbfn6Hyom6ekL9SHir+x24bsF -->
<schema xmlns="http://www.w3.org/2001/XMLSchema" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:xbrldt="http://xbrl.org/2005/xbrldt" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:dei="http://xbrl.sec.gov/dei/2023" xmlns:us-gaap="http://fasb.org/us-gaap/2023" xmlns:srt="http://fasb.org/srt/2023" xmlns:srt-types="http://fasb.org/srt-types/2023" xmlns:arcc="http://arescapitalcorp.com/20231214" elementFormDefault="qualified" targetNamespace="http://arescapitalcorp.com/20231214">
    <annotation>
      <appinfo>
        <link:roleType roleURI="http://arescapitalcorp.com/role/Cover" id="Cover">
          <link:definition>00000001 - Document - Cover</link:definition>
          <link:usedOn>link:presentationLink</link:usedOn>
          <link:usedOn>link:calculationLink</link:usedOn>
          <link:usedOn>link:definitionLink</link:usedOn>
        </link:roleType>
        <link:linkbaseRef xlink:type="simple" xlink:href="arcc-20231214_pre.xml" xlink:role="http://www.xbrl.org/2003/role/presentationLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Presentation Links" />
        <link:linkbaseRef xlink:type="simple" xlink:href="arcc-20231214_lab.xml" xlink:role="http://www.xbrl.org/2003/role/labelLinkbaseRef" xlink:arcrole="http://www.w3.org/1999/xlink/properties/linkbase" xlink:title="Label Links" />
      </appinfo>
    </annotation>
    <import namespace="http://www.xbrl.org/2003/instance" schemaLocation="http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd" />
    <import namespace="http://www.xbrl.org/2003/linkbase" schemaLocation="http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd" />
    <import namespace="http://xbrl.sec.gov/dei/2023" schemaLocation="https://xbrl.sec.gov/dei/2023/dei-2023.xsd" />
    <import namespace="http://fasb.org/us-gaap/2023" schemaLocation="https://xbrl.fasb.org/us-gaap/2023/elts/us-gaap-2023.xsd" />
    <import namespace="http://fasb.org/us-types/2023" schemaLocation="https://xbrl.fasb.org/us-gaap/2023/elts/us-types-2023.xsd" />
    <import namespace="http://www.xbrl.org/dtr/type/2022-03-31" schemaLocation="https://www.xbrl.org/dtr/type/2022-03-31/types.xsd" />
    <import namespace="http://xbrl.sec.gov/country/2023" schemaLocation="https://xbrl.sec.gov/country/2023/country-2023.xsd" />
    <import namespace="http://fasb.org/srt/2023" schemaLocation="https://xbrl.fasb.org/srt/2023/elts/srt-2023.xsd" />
    <import namespace="http://fasb.org/srt-types/2023" schemaLocation="https://xbrl.fasb.org/srt/2023/elts/srt-types-2023.xsd" />
</schema>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.LAB
<SEQUENCE>4
<FILENAME>arcc-20231214_lab.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION LABEL LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.20c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedLabel" roleURI="http://www.xbrl.org/2009/role/negatedLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodEndLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodEndLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedPeriodStartLabel" roleURI="http://www.xbrl.org/2009/role/negatedPeriodStartLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTotalLabel" roleURI="http://www.xbrl.org/2009/role/negatedTotalLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedNetLabel" roleURI="http://www.xbrl.org/2009/role/negatedNetLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd#negatedTerseLabel" roleURI="http://www.xbrl.org/2009/role/negatedTerseLabel" />
    <link:roleRef xlink:type="simple" xlink:href="http://www.xbrl.org/lrr/role/net-2009-12-16.xsd#netLabel" roleURI="http://www.xbrl.org/2009/role/netLabel" />
    <link:labelLink xlink:type="extended" xlink:role="http://www.xbrl.org/2003/role/link">
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CoverAbstract" xlink:label="dei_CoverAbstract" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CoverAbstract" xlink:to="dei_CoverAbstract_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CoverAbstract_lbl" xml:lang="en-US">Cover [Abstract]</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentType" xlink:label="dei_DocumentType" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentType" xlink:to="dei_DocumentType_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentType_lbl" xml:lang="en-US">Document Type</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentFlag" xlink:label="dei_AmendmentFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentFlag" xlink:to="dei_AmendmentFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentFlag_lbl" xml:lang="en-US">Amendment Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AmendmentDescription" xlink:label="dei_AmendmentDescription" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AmendmentDescription" xlink:to="dei_AmendmentDescription_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AmendmentDescription_lbl" xml:lang="en-US">Amendment Description</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentRegistrationStatement" xlink:label="dei_DocumentRegistrationStatement" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentRegistrationStatement" xlink:to="dei_DocumentRegistrationStatement_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentRegistrationStatement_lbl" xml:lang="en-US">Document Registration Statement</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAnnualReport" xlink:label="dei_DocumentAnnualReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAnnualReport" xlink:to="dei_DocumentAnnualReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAnnualReport_lbl" xml:lang="en-US">Document Annual Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentQuarterlyReport" xlink:label="dei_DocumentQuarterlyReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentQuarterlyReport" xlink:to="dei_DocumentQuarterlyReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentQuarterlyReport_lbl" xml:lang="en-US">Document Quarterly Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentTransitionReport" xlink:label="dei_DocumentTransitionReport" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentTransitionReport" xlink:to="dei_DocumentTransitionReport_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentTransitionReport_lbl" xml:lang="en-US">Document Transition Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyReport" xlink:label="dei_DocumentShellCompanyReport" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyReport_lbl" xml:lang="en-US">Document Shell Company Report</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentShellCompanyEventDate" xlink:label="dei_DocumentShellCompanyEventDate" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentShellCompanyEventDate_lbl" xml:lang="en-US">Document Shell Company Event Date</link:label>
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      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentPeriodStartDate" xlink:to="dei_DocumentPeriodStartDate_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentPeriodStartDate_lbl" xml:lang="en-US">Document Period Start Date</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentPeriodEndDate" xlink:label="dei_DocumentPeriodEndDate" />
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      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFileNumber" xlink:label="dei_EntityFileNumber" />
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityRegistrantName_lbl" xml:lang="en-US">Entity Registrant Name</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPrimarySicNumber_lbl" xml:lang="en-US">Entity Primary SIC Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityTaxIdentificationNumber_lbl" xml:lang="en-US">Entity Tax Identification Number</link:label>
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      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine1_lbl" xml:lang="en-US">Entity Address, Address Line One</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine2" xlink:label="dei_EntityAddressAddressLine2" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine2" xlink:to="dei_EntityAddressAddressLine2_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine2_lbl" xml:lang="en-US">Entity Address, Address Line Two</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressAddressLine3" xlink:label="dei_EntityAddressAddressLine3" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressAddressLine3" xlink:to="dei_EntityAddressAddressLine3_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressAddressLine3_lbl" xml:lang="en-US">Entity Address, Address Line Three</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCityOrTown" xlink:label="dei_EntityAddressCityOrTown" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCityOrTown" xlink:to="dei_EntityAddressCityOrTown_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCityOrTown_lbl" xml:lang="en-US">Entity Address, City or Town</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressStateOrProvince" xlink:label="dei_EntityAddressStateOrProvince" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressStateOrProvince" xlink:to="dei_EntityAddressStateOrProvince_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressStateOrProvince_lbl" xml:lang="en-US">Entity Address, State or Province</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressCountry" xlink:label="dei_EntityAddressCountry" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressCountry" xlink:to="dei_EntityAddressCountry_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressCountry_lbl" xml:lang="en-US">Entity Address, Country</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityAddressPostalZipCode" xlink:label="dei_EntityAddressPostalZipCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityAddressPostalZipCode" xlink:to="dei_EntityAddressPostalZipCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityAddressPostalZipCode_lbl" xml:lang="en-US">Entity Address, Postal Zip Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CountryRegion" xlink:label="dei_CountryRegion" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CountryRegion" xlink:to="dei_CountryRegion_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CountryRegion_lbl" xml:lang="en-US">Country Region</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_CityAreaCode" xlink:label="dei_CityAreaCode" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_CityAreaCode" xlink:to="dei_CityAreaCode_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_CityAreaCode_lbl" xml:lang="en-US">City Area Code</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_LocalPhoneNumber" xlink:label="dei_LocalPhoneNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_LocalPhoneNumber" xlink:to="dei_LocalPhoneNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_LocalPhoneNumber_lbl" xml:lang="en-US">Local Phone Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Extension" xlink:label="dei_Extension" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Extension" xlink:to="dei_Extension_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Extension_lbl" xml:lang="en-US">Extension</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_WrittenCommunications" xlink:label="dei_WrittenCommunications" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_WrittenCommunications" xlink:to="dei_WrittenCommunications_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_WrittenCommunications_lbl" xml:lang="en-US">Written Communications</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SolicitingMaterial" xlink:label="dei_SolicitingMaterial" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SolicitingMaterial" xlink:to="dei_SolicitingMaterial_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SolicitingMaterial_lbl" xml:lang="en-US">Soliciting Material</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementTenderOffer" xlink:label="dei_PreCommencementTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementTenderOffer" xlink:to="dei_PreCommencementTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementTenderOffer_lbl" xml:lang="en-US">Pre-commencement Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_PreCommencementIssuerTenderOffer" xlink:label="dei_PreCommencementIssuerTenderOffer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_PreCommencementIssuerTenderOffer" xlink:to="dei_PreCommencementIssuerTenderOffer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_PreCommencementIssuerTenderOffer_lbl" xml:lang="en-US">Pre-commencement Issuer Tender Offer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12bTitle" xlink:label="dei_Security12bTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12bTitle" xlink:to="dei_Security12bTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12bTitle_lbl" xml:lang="en-US">Title of 12(b) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_NoTradingSymbolFlag" xlink:label="dei_NoTradingSymbolFlag" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_NoTradingSymbolFlag" xlink:to="dei_NoTradingSymbolFlag_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_NoTradingSymbolFlag_lbl" xml:lang="en-US">No Trading Symbol Flag</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_TradingSymbol" xlink:label="dei_TradingSymbol" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_TradingSymbol" xlink:to="dei_TradingSymbol_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_TradingSymbol_lbl" xml:lang="en-US">Trading Symbol</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityExchangeName" xlink:label="dei_SecurityExchangeName" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityExchangeName" xlink:to="dei_SecurityExchangeName_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityExchangeName_lbl" xml:lang="en-US">Security Exchange Name</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_Security12gTitle" xlink:label="dei_Security12gTitle" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_Security12gTitle" xlink:to="dei_Security12gTitle_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_Security12gTitle_lbl" xml:lang="en-US">Title of 12(g) Security</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_SecurityReportingObligation" xlink:label="dei_SecurityReportingObligation" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_SecurityReportingObligation" xlink:to="dei_SecurityReportingObligation_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_SecurityReportingObligation_lbl" xml:lang="en-US">Security Reporting Obligation</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AnnualInformationForm" xlink:label="dei_AnnualInformationForm" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AnnualInformationForm" xlink:to="dei_AnnualInformationForm_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AnnualInformationForm_lbl" xml:lang="en-US">Annual Information Form</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_AuditedAnnualFinancialStatements" xlink:label="dei_AuditedAnnualFinancialStatements" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_AuditedAnnualFinancialStatements" xlink:to="dei_AuditedAnnualFinancialStatements_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_AuditedAnnualFinancialStatements_lbl" xml:lang="en-US">Audited Annual Financial Statements</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityWellKnownSeasonedIssuer" xlink:label="dei_EntityWellKnownSeasonedIssuer" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityWellKnownSeasonedIssuer" xlink:to="dei_EntityWellKnownSeasonedIssuer_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityWellKnownSeasonedIssuer_lbl" xml:lang="en-US">Entity Well-known Seasoned Issuer</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityVoluntaryFilers" xlink:label="dei_EntityVoluntaryFilers" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityVoluntaryFilers" xlink:to="dei_EntityVoluntaryFilers_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityVoluntaryFilers_lbl" xml:lang="en-US">Entity Voluntary Filers</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCurrentReportingStatus" xlink:label="dei_EntityCurrentReportingStatus" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCurrentReportingStatus" xlink:to="dei_EntityCurrentReportingStatus_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCurrentReportingStatus_lbl" xml:lang="en-US">Entity Current Reporting Status</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityInteractiveDataCurrent" xlink:label="dei_EntityInteractiveDataCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityInteractiveDataCurrent" xlink:to="dei_EntityInteractiveDataCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityInteractiveDataCurrent_lbl" xml:lang="en-US">Entity Interactive Data Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityFilerCategory" xlink:label="dei_EntityFilerCategory" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityFilerCategory" xlink:to="dei_EntityFilerCategory_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityFilerCategory_lbl" xml:lang="en-US">Entity Filer Category</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntitySmallBusiness" xlink:label="dei_EntitySmallBusiness" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntitySmallBusiness" xlink:to="dei_EntitySmallBusiness_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntitySmallBusiness_lbl" xml:lang="en-US">Entity Small Business</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityEmergingGrowthCompany" xlink:label="dei_EntityEmergingGrowthCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityEmergingGrowthCompany" xlink:to="dei_EntityEmergingGrowthCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityEmergingGrowthCompany_lbl" xml:lang="en-US">Entity Emerging Growth Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityExTransitionPeriod" xlink:label="dei_EntityExTransitionPeriod" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityExTransitionPeriod" xlink:to="dei_EntityExTransitionPeriod_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityExTransitionPeriod_lbl" xml:lang="en-US">Elected Not To Use the Extended Transition Period</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentAccountingStandard" xlink:label="dei_DocumentAccountingStandard" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentAccountingStandard" xlink:to="dei_DocumentAccountingStandard_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentAccountingStandard_lbl" xml:lang="en-US">Document Accounting Standard</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_OtherReportingStandardItemNumber" xlink:label="dei_OtherReportingStandardItemNumber" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_OtherReportingStandardItemNumber" xlink:to="dei_OtherReportingStandardItemNumber_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_OtherReportingStandardItemNumber_lbl" xml:lang="en-US">Other Reporting Standard Item Number</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityShellCompany" xlink:label="dei_EntityShellCompany" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityShellCompany" xlink:to="dei_EntityShellCompany_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityShellCompany_lbl" xml:lang="en-US">Entity Shell Company</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityPublicFloat" xlink:label="dei_EntityPublicFloat" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityPublicFloat" xlink:to="dei_EntityPublicFloat_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityPublicFloat_lbl" xml:lang="en-US">Entity Public Float</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityBankruptcyProceedingsReportingCurrent" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityBankruptcyProceedingsReportingCurrent" xlink:to="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityBankruptcyProceedingsReportingCurrent_lbl" xml:lang="en-US">Entity Bankruptcy Proceedings, Reporting Current</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_EntityCommonStockSharesOutstanding" xlink:label="dei_EntityCommonStockSharesOutstanding" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_EntityCommonStockSharesOutstanding" xlink:to="dei_EntityCommonStockSharesOutstanding_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_EntityCommonStockSharesOutstanding_lbl" xml:lang="en-US">Entity Common Stock, Shares Outstanding</link:label>
      <link:loc xlink:type="locator" xlink:href="https://xbrl.sec.gov/dei/2023/dei-2023.xsd#dei_DocumentsIncorporatedByReferenceTextBlock" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock" />
      <link:labelArc xlink:arcrole="http://www.xbrl.org/2003/arcrole/concept-label" xlink:from="dei_DocumentsIncorporatedByReferenceTextBlock" xlink:to="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xlink:type="arc" />
      <link:label xlink:type="resource" xlink:role="http://www.xbrl.org/2003/role/label" xlink:label="dei_DocumentsIncorporatedByReferenceTextBlock_lbl" xml:lang="en-US">Documents Incorporated by Reference [Text Block]</link:label>
    </link:labelLink>
</link:linkbase>
</XBRL>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-101.PRE
<SEQUENCE>5
<FILENAME>arcc-20231214_pre.xml
<DESCRIPTION>XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE
<TEXT>
<XBRL>
<?xml version="1.0" encoding="US-ASCII" standalone="no"?>
    <!-- Field: Doc-Info; Name: Generator; Value: GoFiler Complete; Version: 5.20c -->
    <!-- Field: Doc-Info; Name: VendorURI; Value: https://www.novaworks.com -->
    <!-- Field: Doc-Info; Name: Status; Value: 0x00000000 -->
<link:linkbase xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xbrli="http://www.xbrl.org/2003/instance" xsi:schemaLocation="http://www.xbrl.org/2003/linkbase http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd">
    <link:roleRef roleURI="http://arescapitalcorp.com/role/Cover" xlink:href="arcc-20231214.xsd#Cover" xlink:type="simple" />
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<SEQUENCE>6
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<DESCRIPTION>IDEA: XBRL DOCUMENT
<TEXT>
<html>
<head>
<title></title>
<link rel="stylesheet" type="text/css" href="include/report.css">
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<span style="display: none;">v3.23.4</span><table class="report" border="0" cellspacing="2" id="idm139778398354816">
<tr>
<th class="tl" colspan="1" rowspan="1"><div style="width: 200px;"><strong>Cover<br></strong></div></th>
<th class="th"><div>Dec. 14, 2023</div></th>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CoverAbstract', window );"><strong>Cover [Abstract]</strong></a></td>
<td class="text">&#160;<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentType', window );">Document Type</a></td>
<td class="text">8-K<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_AmendmentFlag', window );">Amendment Flag</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_DocumentPeriodEndDate', window );">Document Period End Date</a></td>
<td class="text">Dec. 14,  2023<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityFileNumber', window );">Entity File Number</a></td>
<td class="text">814-00663<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityRegistrantName', window );">Entity Registrant Name</a></td>
<td class="text">ARES CAPITAL CORPORATION<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityCentralIndexKey', window );">Entity Central Index Key</a></td>
<td class="text">0001287750<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityTaxIdentificationNumber', window );">Entity Tax Identification Number</a></td>
<td class="text">33-1089684<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityIncorporationStateCountryCode', window );">Entity Incorporation, State or Country Code</a></td>
<td class="text">MD<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine1', window );">Entity Address, Address Line One</a></td>
<td class="text">245 Park Avenue<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressAddressLine2', window );">Entity Address, Address Line Two</a></td>
<td class="text">44th Floor<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressCityOrTown', window );">Entity Address, City or Town</a></td>
<td class="text">New York<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressStateOrProvince', window );">Entity Address, State or Province</a></td>
<td class="text">NY<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityAddressPostalZipCode', window );">Entity Address, Postal Zip Code</a></td>
<td class="text">10167<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_CityAreaCode', window );">City Area Code</a></td>
<td class="text">212<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_LocalPhoneNumber', window );">Local Phone Number</a></td>
<td class="text">750-7300<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_WrittenCommunications', window );">Written Communications</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SolicitingMaterial', window );">Soliciting Material</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementTenderOffer', window );">Pre-commencement Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_PreCommencementIssuerTenderOffer', window );">Pre-commencement Issuer Tender Offer</a></td>
<td class="text">false<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_Security12bTitle', window );">Title of 12(b) Security</a></td>
<td class="text">Common stock, $0.001 par value<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_TradingSymbol', window );">Trading Symbol</a></td>
<td class="text">ARCC<span></span>
</td>
</tr>
<tr class="re">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_SecurityExchangeName', window );">Security Exchange Name</a></td>
<td class="text">NASDAQ<span></span>
</td>
</tr>
<tr class="ro">
<td class="pl" style="border-bottom: 0px;" valign="top"><a class="a" href="javascript:void(0);" onclick="Show.showAR( this, 'defref_dei_EntityEmergingGrowthCompany', window );">Entity Emerging Growth Company</a></td>
<td class="text">false<span></span>
</td>
</tr>
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<div style="display: none;">
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_AmendmentFlag">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_AmendmentFlag</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CityAreaCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Area code of city</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CityAreaCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
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<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_CoverAbstract">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Cover page.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_CoverAbstract</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:stringItemType</td>
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<td><strong> Balance Type:</strong></td>
<td>na</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period.  The format of the date is YYYY-MM-DD.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentPeriodEndDate</td>
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<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:dateItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_DocumentType">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_DocumentType</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:submissionTypeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine1">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 1 such as Attn, Building Name, Street Name</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine1</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressAddressLine2">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Address Line 2 such as Street or Suite number</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressAddressLine2</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressCityOrTown">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the City or Town</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressCityOrTown</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressPostalZipCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Code for the postal or zip code</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressPostalZipCode</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityAddressStateOrProvince">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the state or province.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityAddressStateOrProvince</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:stateOrProvinceItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityCentralIndexKey">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
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<td>dei:centralIndexKeyItemType</td>
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<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityEmergingGrowthCompany">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Indicate if registrant meets the emerging growth company criteria.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityEmergingGrowthCompany</td>
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<td><strong> Period Type:</strong></td>
<td>duration</td>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityFileNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityFileNumber</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:fileNumberItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityIncorporationStateCountryCode">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Two-character EDGAR code representing the state or country of incorporation.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityIncorporationStateCountryCode</td>
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<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td><strong> Data Type:</strong></td>
<td>dei:edgarStateCountryItemType</td>
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<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityRegistrantName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityRegistrantName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_EntityTaxIdentificationNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b-2<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_EntityTaxIdentificationNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>dei:employerIdItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_LocalPhoneNumber">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Local phone number for entity.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_LocalPhoneNumber</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:normalizedStringItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementIssuerTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 13e<br> -Subsection 4c<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementIssuerTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_PreCommencementTenderOffer">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 14d<br> -Subsection 2b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_PreCommencementTenderOffer</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
</tr>
<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_Security12bTitle">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Title of a 12(b) registered security.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection b<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_Security12bTitle</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:securityTitleItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
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<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SecurityExchangeName">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Name of the Exchange on which a security is registered.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Number 240<br> -Section 12<br> -Subsection d1-1<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SecurityExchangeName</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>dei:edgarExchangeCodeItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
</table></div>
</div></td></tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_SolicitingMaterial">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Exchange Act<br> -Section 14a<br> -Number 240<br> -Subsection 12<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_SolicitingMaterial</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<tr>
<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
<td>duration</td>
</tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_TradingSymbol">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Trading symbol of an instrument as listed on an exchange.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>No definition available.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_TradingSymbol</td>
</tr>
<tr>
<td style="padding-right: 4px;white-space:nowrap;"><strong> Namespace Prefix:</strong></td>
<td>dei_</td>
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<td>dei:tradingSymbolItemType</td>
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<tr>
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<table border="0" cellpadding="0" cellspacing="0" class="authRefData" style="display: none;" id="defref_dei_WrittenCommunications">
<tr><td class="hide"><a style="color: white;" href="javascript:void(0);" onclick="Show.hideAR();">X</a></td></tr>
<tr><td><div class="body" style="padding: 2px;">
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">- Definition</a><div><p>Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.</p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ References</a><div style="display: none;"><p>Reference 1: http://www.xbrl.org/2003/role/presentationRef<br> -Publisher SEC<br> -Name Securities Act<br> -Number 230<br> -Section 425<br></p></div>
<a href="javascript:void(0);" onclick="Show.toggleNext( this );">+ Details</a><div style="display: none;"><table border="0" cellpadding="0" cellspacing="0">
<tr>
<td><strong> Name:</strong></td>
<td style="white-space:nowrap;">dei_WrittenCommunications</td>
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<td><strong> Data Type:</strong></td>
<td>xbrli:booleanItemType</td>
</tr>
<tr>
<td><strong> Balance Type:</strong></td>
<td>na</td>
</tr>
<tr>
<td><strong> Period Type:</strong></td>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
